Aspial Lifestyle to raise $84.8m for expansion, pawnbroking

It priced shares at $0.402 each.

Aspial Lifestyle Limited plans to raise approximately $84.8m through a private placement and preferential offering, according to a filing with the Singapore Exchange (SGX).

The equity fundraising exercise will comprise a private placement of 149.3 million new shares and a non-renounceable preferential offering of 61.7 million new shares, both priced at $0.402 per share.

The issue price represents a discount of about 8.1% to the volume weighted average price of $0.4375 per share on 13 May, the last full trading day before the company called for a trading halt.

Aspial Lifestyle said the private placement is expected to raise gross proceeds of about $60m. DBS Bank, Oversea-Chinese Banking Corporation, SAC Capital, and United Overseas Bank were appointed as joint placement agents for the transaction.

The preferential offering is expected to raise about $24.8m. Eligible shareholders will be entitled to subscribe for one preferential offering share for every 30 existing shares held as of 22 May.

The fundraising exercise comes after Aspial Lifestyle transferred its listing from the Catalist Board to the SGX Mainboard on 4 May.

Aspial Lifestyle said about 80% of the gross proceeds, or approximately $67.8m, will be used for general corporate activities, including business expansion, investments, and potential strategic acquisitions. The company said part of the proceeds may also be used for its pawnbroking and secured lending businesses.

Another $15.3m will be allocated towards working capital requirements and repayment of bank borrowings, whilst the remaining $1.7m will be used to cover fees and expenses related to the fundraising exercise.

Aspial Corporation Limited and Non-Executive Chairman Koh Wee Seng have undertaken to subscribe for their respective entitlements under the preferential offering.

Following the issuance of the new shares, Aspial Lifestyle’s total issued shares will increase from 1.85 billion to about 2.06 billion shares. The company said the new shares will represent about 10.2% of its enlarged share capital.

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