A-Smart Holdings Ltd.
A-Smart Holdings Ltd. Successfully Raises S$8.94 million From Rights Issue
Avant Law has successfully advised A-Smart Holdings Ltd., a company listed on the Mainboard of the Singapore Exchange Securities Trading Limited, in its renounceable non-underwritten rights issue of new ordinary shares. This initiative has raised approximately S$8.94 million in gross proceeds. Under an irrevocable undertaking given by Mr. Oei Hong Leong, a renowned Singaporean tycoon, he subscribed for the remaining unsubscribed rights shares of 18,272,985, increasing his shareholding to 24.18% of the total enlarged issued and paid-up share capital in A-Smart Holdings Ltd.
A-Smart Holdings Ltd. is a multifaceted solution provider operating mainly in the areas of property development and real estate investment, print and media, and smart technologies and other investments. The net proceeds of S$8.74 million will be used to fund the working capital needs of Timor Marina Square Project in Timor-Leste.
Our close collaboration with clients ensured the successful completion of the rights issue within the intended timeframe. Throughout the process, our legal team exceeded expectations and assisted our client to navigate through unforeseen complications which resulted in a smooth and efficient transaction. We delivered and provided tailored guidance and unwavering support, empowering our clients to confidently achieve their objectives.