Singapore: Sincap to raise S$5.5m by placing out new shares to expand coal trading subsidiary

Singapore-listed Sincap Group Friday said it plans to place out S$5.48 million of new shares to expand its newly acquired coal trading and logistics business, Orion Energy Resources.

The company, whose primary business involves trading of alumina and thermal coal, will be placing out 91.4 million new shares to 12 investors at 6 cents each to raise $5.48 million, it announced in a regulatory filing.

Sincap owns 51% in Orion Energy Resources, a China-based trading and logistics management company that is currently supplying coal to power plants. It will use 90% of the proceeds for expanding the business of Orion Energy, and 10% for the capital expansion of that company.

The price represents a premium of about 7.14% to the volume average weighted price of the Company’s shares of 5.6 cents based on trades done on on 17 November, the last traded market day prior to signing the deal with the 12 investors. The placement shares account for18.88% of the enlarged issued and paid-up share capital of the company upon completion of the placement.

The 12 investors are mostly individuals, who were introduced to the company by its chief executive, or independent directors, and even external bankers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.