Singapore eDevelopment raises $40.6m from major rights issue

Its issued share capital base will boom from 1.23b to 28.53b.

SGX Catalist-listed Singapore eDevelopment Ltd. today revealed that it had raised S$40.6 million in net proceeds from a major Rights Issue as part of a strategy to propel corporate recovery through international property development and IT.

SeD said its proposal to issue 12 Rights Shares at 0.3 Singapore cent each for every existing share held, and one Bonus Share for every Rights Share subscribed for, recorded acceptances of 7.8 billion Rights Shares, or 52.9% of the available Rights Shares and 6.2 billion of excess rights shares, or 41.9%.

The total of 14.0 billion Rights Shares represents approximately 94.9% of total Rights Shares available for subscription.

Following the completion of the Rights Issue and the issue of Bonus Shares, the issued share capital base of SeD will enlarge from 1.23 billion to 28.53 billion.