Asia-Pacific Strategic Investments (SGX:5RA) will undertake a non-renounceable rights issue of up to 17,828,696,279 shares, according to a filing with the Singapore Exchange on Wednesday.
The rights shares are intended to be issued at a price of SG$0.0011 per rights share.
The rights issue is expected to strengthen the company's financial position and its capital base.
Proceeds from the issue will be used to fund the group's proposed expansion into real estate development in Timor-Leste, repayment of loans and for general working capital needs.
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