Y Ventures (SGX:1F1) plans to raise up to SG$990,000 through a rights issue of up to 246,854,000 new shares at SG$0.004 each, according to a Monday filing with the Singapore Exchange.
This offer is based on one new share for every existing share held. The issue price represents a nearly 67% discount to the closing price of SG$0.012 on May 27.
The funds will be used for general working capital. Key shareholders, including Low Yik Jin and Low Yik Sen, have committed to subscribe to their entitlements and any additional shares not taken up by others.
The company's shares surged almost 13% in recent Monday trade.
Price (SGD): S$0.02, Change: S$+0.002, Percent Change: +12.50%
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