Singapore Billionaire secures stake in SGX-listed firm A-Smart

In total, the stake for Oei Hong Leong is worth $5.37m.

Singapore-based billionaire Oei Hong Leong will take a stake in SGX-listed firm A-Smart Honldings at a 50% premium, seeing opportunities in ASEAN-bound Timor-Leste.

Under the proposed placement, A-Smart will raise gross proceeds of $5.37m through the issuance of 29,812,473 new ordinary shares to Oei. 

“At $0.18 per share, the issue price translates to a 50% premium to A-Smart’s closing price of $0.12 on 6 December 2022,” read the statement.

The new ordinary shares will be subjected to a two-year moratorium starting from the share issuance date.

The amount of new ordinary shares to be issued “represent 20% of A-Smart’s existing share capital or 16.67% of its enlarged share capital.”