Brief: Upp Holdings enters subscription agreements with Mohamed Nazir Bin Abdul Razak, John Vlasto, Hsieh Fu Hua

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07/03/2017 15:11

March 7 (Reuters) - Upp Holdings Limited  UPPS.SI  
    * Company entered into subscription agreements with Mohamed 
Nazir Bin Abdul Razak, John Vlasto, Hsieh Fu Hua and Chan Chia 
Lin 
    * Subscribers have agreed to subscribe for an aggregate of 
40 million new ordinary shares in capital of co at an issue 
price of s$0.25 per subscription share 
    * Estimated net proceeds from subscription expected to 
amount to approximately s$9.9 million 
    * Company intends to utilise 100% of net proceeds to reduce 
its bank borrowings 
    * Expects subscription to contribute positively to future 
earnings and continuing growth of group 
 
Source text for Eikon:  ID:nSNZbwZ7vM  
Further company coverage:  UPPS.SI  
 
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