Lum Chang to Dispose of Over 12 Million Shares in Lum Chang Creations
Lum Chang (SGX:L19) has proposed to sell up to 12.3 million shares in its unit, Lum Chang Creations (SGX:LCC), for around SG$9.3 million, as part of regulatory requirements for the unit's proposed transfer to the Mainboard of the Singapore Exchange Securities Trading.Under the placement agreement, around 35 million Lum Chang Creations shares will be up for sale at SG$0.759 per share, including 7.7 million shares to be sold by LCC managing director Lim Thiam Hooi and 15 million shares to be placed by LCC, according to a Thursday bourse filing.Following the conclusion of the exercise, Lum Chang's stake in Lum Chang Creations will be 64.15%.Proceeds raised from the share disposal will be utilized for the repayment of bank borrowings and for general working capital.
