Matex International (SGX:M15) has signed a subscription agreement with Nanyang Commercial Management for the issuance of 154 million new ordinary shares, according to a Sunday filing on the Singapore Exchange.
This will increase the specialty chemicals provider's issued capital to about 515.7 million shares from 361.7 million, with the new shares representing 29.86% of the company's enlarged capital.
Shares will be issued at SG$0.027 each, totaling about SG$4.2 million, a 50% premium over the Oct. 30 volume-weighted average price of SG$0.018.
Following completion of the transaction, Nanyang Commercial will gain a controlling interest in Matex International.
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