Equation Summit increases capital by 10.5%

It raised $4.2m from 600m new shares.

Equation Summit has issued a total of 600m new shares, or 10.5% of its enlarged share capital, at 0.7 cent each to four investors to raise $4.2m.

The investors are Asdew Acquisition, Asdew controlling shareholder Teo Khiam Chong, Island Asset Management and Chen Dawei, an executive director of China Everbright Water.

Asdew Acquisition will end up with 7.35% stake in Equation while the other three will hold a 1.05% stake each.

It intends to use 100% of the net proceeds for the group’s partial or full repayment of loans subject to final negotiation with the lenders with any balance to be used as the group’s working capital. The subscribers were independently introduced to the company.