Placement of 9 Million New Shares by GP Batteries
Proceeds to Fund Business Expansion, Development of New Products
and as Working Capital
Singapore, 12 February 1998 - Mainboard-listed GP Batteries International Limited ("GP Batteries") announces that on 12 February 1998 (Thursday), the company has entered into a subscription agreement with Jardine Fleming International Securities Limited ("Jardine Fleming") and The Development Bank of Singapore Limited ("DBS") whereby Jardine Fleming and DBS agreed to subscribe or procure subscription for 9 million new GP Batteries shares at S$4.72 per share.
The placement shares represent approximately 9.6 per cent of the issued and paid-up share capital of GP Batteries as at 12 February 1998. The subscription price of S$4.72 per placement share represents a discount of approximately 4.84 per cent of the closing price of S$4.96 on 12 February 1998. The proceeds from the placement is estimated to be S$42 million and will be used for expansion of business, development of new products and as additional working capital.
The placement of 9 million GP Batteries new shares is conditional, inter alia, upon the approval in-principle by the Stock Exchange of Singapore Limited ("SES") for the listing and quotation of the placement shares on the Official List of SES.
Trading of GP Batteries shares and warrants will be suspended on SES on 13 February 1998.
Mr Andrew Ng, Chairman and Chief Executive of GP Batteries said, "We are pleased to see the strong support from the international institutional investors. We believe that the placement will strengthen GP Batteries' financial position and at the same time, broaden its shareholders base and enhance the liquidity of the shares."
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