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FINWIRES

Metech International Completes Second Tranche Private Placement

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Metech International (SGX:V3M) completed the second tranche of its proposed placement by issuing 22 million new shares to Raffles Capital on July 30.

Following the issuance, the company's total issued shares increased to 335.5 million from 313.5 million, according to a Thursday Singapore Exchange filing.

The newly issued shares rank equally with existing shares, but are not entitled to any dividends, rights or distributions with a record date on or before their issue date.

The company said the 72 million placement shares issued to Raffles Capital and investor Ma Ong Kee at an issue price of SG$0.04 each are expected to be listed on the SGX Catalist on or about Aug. 4. The trading is expected to begin on the same day.

Metech added it will provide further updates on the placement of the remaining 28 million shares to Raffles Capital under the subscription agreement.

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