Adventus Holdings (SGX:5EF) entered into a placement agreement with SAC Capital Private for the palcemnet of up to 850,000,0000 shares in the company's capital at an issue price of SG$0.0018 per share, a filing with the Singapore Exchange said on Monday.

The total placement shares amount to an aggregate consideration of around SG$1.5 million.

The shares represent around 34.87% of the company's existing issued and paid up share capital.

The placement proposal comes after the company entered into a hotel management agreement with Intercontinental Hotels Group Vietnam, under which the Vietnamese company will operate the group's hotel in Danang.

Net proceeds raised from the placement will be utilized to repay bank obligations, general working capital and to cover property enhancement costs.