<article>Singapore-listed Repairs and Redecoration (R&amp;R) and Addition and Alteration (A&amp;A) firm <a href="http://isoteam.com.sg/" target="_blank">ISOTeam Ltd</a> plans to raise a little over S$5 million ($3.73 million)  by placing out nine million new shares at 58 cents apiece.</article>

Singapore-listed Repairs and Redecoration (R&amp;R) and Addition and Alteration (A&amp;A) firm <a href="http://isoteam.com.sg/" target="_blank">ISOTeam Ltd</a> plans to raise a little over S$5 million ($3.73 million)  by placing out nine million new shares at 58 cents apiece.
The company <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/ISOTeam-PlacementAnnouncement-final.ashx?App=Announcement&amp;FileID=353429" target="_blank">said</a> it will use the net proceeds to fund its capital expenditures, inorganic business expansion and general working capital.
At 58 cents per share, the placement price represents a 8.9 per cent discount to the volume weighted average price of of 63.69 cents on May 21, and the new shares represent around 6.72 per cent of the company’s issued and paid up share capital.
ISOTeam said that an institutional investor had subscribed for 6.5 million placement Shares while the remaining 2.5 million shares were subscribed by individual investors.
This is the second placement exercise that ISOTeam has done since its listing in 2013.
In December 2014, strategic shareholder, <a style="color: #000080;" href="http://www.nipponpaint.com.sg" target="_blank">Nippon Paint (Singapore)</a>, founded by prominent Singapore businessman <a style="color: #000080;" href="http://www.forbes.com/profile/goh-cheng-liang/" target="_blank">Goh Cheng Liang</a>, subscribed for 2.8 million new ordinary shares at a placement price of S$0.50 per ordinary share cent thereby doubling its stake in ISOTeam to 5.93 per cent. The company had raised S$1.4 million from that exercise.
This was used to partly finance the acquisition of four companies to augment the expertise and specialist capabilities of ISOTeam.
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Anthony Koh, executive director and CEO of ISOTeam, said: “We welcome this latest transaction as it enhances the liquidity of our shares to the benefit of all shareholders and attracts greater participation from reputable institutional investors. Since our listing in 2013, ISOTeam has received sustained interest from various financial institutions and prominent strategic shareholders.&#8221;
Koh added, “This is an exciting chapter for ISOTeam as we are in a high growth phase where we are ramping up the scale of our operations and exploiting the synergies from our new acquisitions. Moving forward, we will continue to strive to deliver sustainable long term growth and create greater shareholder value.”
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Singapore-listed ISOTeam Ltd. plans to raise a little over S$5 million by placing out nine million new shares at 58 cents apiece.

ISOTeam to raise S$5m through share placement

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ISOTeam to raise S$5m through share placement

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