SINGAPORE: Y-Ventures Group has entered into subscription agreements for the allotment and issue of an aggregate of 24.66 million new ordinary shares in the capital of the company at S$0.0812 per placement share to investors.

The Placement Shares represent approximately 10.74% of the Group’s enlarged issued share capital which includes the Placement Shares. The Placement Price represents a discount of approximately 9.98% from the volume weighted average price of the Group’s shares of S$0.0902 traded on 17 September 2019, being the full market day immediately preceding the date the Subscription Agreements were signed and prior to its trade halt date on 18 September 2019.

Following the completion of the Proposed Placement, the issued and paid-up share capital of the Company would be increased from 205 million shares to 229.66 million shares.

Eric Lew, Executive Chairman and Director of Y-Ventures will also acquire a 10.0% stake from Managing Director of Y-Ventures, Adam Low.

Commenting on the Proposed Placement, Eric Lew commented: “We are optimistic on the prospects for Y Ventures going forward. Hence, it was natural for me to acquire a stake in the Company to align my interest with shareholders and also demonstrate my belief in the future growth of Y Ventures. In addition, we are glad for the support received for this Proposed Placement from our high-quality investors, some of them with extensive experience in Fintech and the technology space. Using the new proceeds to further augment our business growth and with our E-commerce expertise and proprietary online data analytics capabilities, we are confident in paving the way to become a vital player in the digital ecosphere in the future.”

The Group intends to utilise the net proceeds to fund their business expansion via strategic joint venture partnerships and/or merger & acquisition (M&A). The proceeds will also be used as working capital to continue accelerate its core business-to-consumer (B2C) E-Commerce business. The Company will make periodic announcements on the utilisation of the NetProceeds as and when the funds are materially disbursed.

Edited by Kazim Rizvi