Ascent Bridge (SGX:AWG) plans to place 17.4 million new ordinary shares at SG$0.14 per share, raising nearly SG$2.4 million, according to a Thursday filing on the Singapore Exchange.
The company signed placement agreements on Sept. 26, with three investors.
Hu Yidong, the sole shareholder of Hoida International Limited, which holds a 90% stake in Eastern Billion Industries Limited, will acquire 10.4 million shares.
This acquisition increases his ownership stake in the company to 13%. Peng Yun will acquire 3.5 million shares, while Eastern Billion Industries Limited will also take 3.5 million shares, bringing both their ownership stakes to 3.33%.
The shares will be fully paid and free from encumbrances, ranking equally with existing shares but will not be entitled to any dividends before their issuance.
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