Innopac Holding plans S$8.4 million ($6.08 million) stock placement that will result in a change of control, as well as a related disposal of five subsidiaries and an S$2.5 million ($1.81 million) secured loan facility. The company further declared that it will place 8.4 billion new shares at 0.1 Singapore cent a piece to 11 individual investors and the new shares will represent about 65 percent.
Malaysia based businessmen Choo Beng Kai, managing director of Malaysian investment holding company Masmeyer Holdings, and Lim Soon Huat, executive chairman of Malaysia-listed Asia File Corp are the largest investors who will hold 19.4 percent and 15.6 percent respectively after the new investment.
According to a statement from Innopac in filing with the Singapore Exchange (SGX)
“The proposed disposal of these non-core assets will allow the group to further prioritize its financial resources as well as streamlining its business focus of investment holdings in real estate for the overall betterment of the group.”
The transaction is subject to shareholders’ approval at an extraordinary general meeting.
Founded in 1973, Innopac Holdings Limited is an investment holding and management company headquartered in Singapore. Innopac holds interest in a development land in Washington state, USA and its investments are in investment properties and equities.
About Masmeyer Holdings
Founded in 1980, Masmeyer Holdings is a real estate and property development company. Masmeyer Holding is headquartered in Georgetown, Malaysia.
About Asia File Corporation
Headquartered in Malaysia, Asia File Corporation is an investment holding company, manufactures, trades, markets, and sells filing and stationery products. Asia File Corporation offers plastic folders, sheet protectors, flat files, filing/storage boxes and products, lever arch files, ring/presentation binders and files, clipboards and clip folders, indexes and dividers, Manilla files and folders, suspensions files, labels and paper products, desk and office accessories, document presentation products, envelopes, marker and whiteboard accessories, and others office stationeries and also manufactures and sells colored paper and boards for filing, educational, and other specialty markets.