Jasper Investments (SGX:FQ7) received approval in principal for the listing and quotation of 19,452,130,364 shares, according to a filing with the Singapore Exchange on Friday.

The company had proposed the issue and allotment of 16,555,160,667 shares to various new investors, directors, former directors, an existing shareholder and chief executive officer, pursuant to a fundraising and debt capitalization activity.

It also proposed the issuance and allotment of 1,000,000,000 shares to CEO Hao Kwang Dennis.

The company had proposed the issuance of a convertible loan bond for an aggregate principal amount of SG$250,000 which is convertible into 230,303,030 shares to Kwang Dennis.

Meanwhile, the proposed issuance and allotment included 1,666,666,667 as part of the settlement of the consideration payable for the proposed acquisition of a 51% stake in Prosper Excel Engineering.

The placement shares will be placed within seven days from the date of the extraordinary general meeting which has been proposed to take place on Oct. 30.