Singapore-based private equity firm Asiasons Capital Limited plans to raise up to S$25 million ($18.4 million) in three tranches by issuing notes that can be converted into shares.
The company, in a regulatory filing with the Singapore stock exchange, said it had entered into a term sheet with Advance Capital Partners Asset Management Private Limited to issue 1 per cent unsecured equity linked redeemable structured convertible notes due 2018.
The notes will be issued in three tranches – S$10 million each at the first two times and $5 million in third instance – to Advance Opportunities Fund, a fund managed by Advance Capital Partners Asset Management Private Limited.
Asiasons Capital’s focuses on the South East Asia region in the consumer and resources space, and its investments are conducted through Dragonrider Opportunity Fund I and II via Asiasons Private Equity, the fund management unit of the group. “This strategy has been formulated based on the demographics trends in South East Asia namely increased consumer spending and urban migration in one of the most populous and youngest populations in the world,’ the company said in its website.
In another regulatory filing, Asiasons Capital said that it was in talks for the sale of a subsidiary that holds ‘certain long term assets of the group as well as certain short and long term debts and liabilities of the group’.
“If successful, the proposed transaction will enable the group to procure immediate liquidity for its long term assets and at the same time reduce some of the short and long debt and liabilities,” the filing added, without divulging additional details.