GYP to raise S$7.6 million for acquisitions, business expansion

Meet the two new strategic investors.

In a release, Global Yellow Pages Limited (GYP) announced a proposed placement of 99,918,058 new ordinary shares in the capital of Global Yellow Pages Limited comprising a proposed placement of 76,738,000 new ordinary shares to Oregold Pte Ltd, wholly owned by Mr Sam Goi Seng Hui, and a proposed placement of 23,180,058 new ordinary shares to Cluny Capital Ltd, owned by Mr Low Check Kian.

The proposed placement is at the issue price of S$0.0761 per placement share. The net proceeds of the proposed placement of S$7.6 million will be used to fund the future acquisitions and business expansion of the Group, as well as its general working capital.

Mr Stanley Tan, Executive Director and Chief Executive Officer of the Group said "We are pleased to welcome Sam as a strategic investor. He brings with him deep experience of running successful businesses especially in the areas of food and property. Together with the collective experience of our board and management, we believe that the opportunities that Sam brings will catalyze GYP's ability to grow and diversify our businesses for the benefit of all shareholders."

Mr Sam Goi, Executive Chairman of Tee Yih Jia Group said "I am pleased to have this opportunity to participate as a strategic investor in GYP. I hope I will be able to assist the Company in looking for growth opportunities in and outside of Singapore and contribute at the strategic level towards the future growth of GYP."