Advancer Global to raise $5 mil from strategic investor MES Group

Advancer Global to raise $5 mil from strategic investor MES Group

By: 
PC Lee
02/05/17, 09:11 pm

SINGAPORE (May 2): Advancer Global, the workforce solutions and services provider, is planning to undertake a private placement with MES Group Holdings.

MES Group will subscribe for 12.5 million new Advancer Global shares at 40 cents each to raise gross proceeds totalling $5 million.

In its filing on Tuesday night, Advancer Global says MES Group’s investment in the company is for strategic operational and financial investment purposes.

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Advancer Global will also issue 6.25 million free, detachable, non-listed and non-transferable warrants, on the basis of one warrant for every two placement shares.

Each warrant carries the right to subscribe to one new share and will be exercisable at an exercise price of 45 cents per warrant.

After the proposed placement, MES Group will hold 6.73% of the group’s enlarged share capital of 185.7 million shares.

Furthermore, assuming all 6.25 million warrants are exercised, MES Group will hold 9.8% of the enlarged share capital of 191.9 million shares after the proposed placement and warrant issue.

Investor MES Group was to introduced to Advancer Global by CIMB Securities (Singapore).

Gary Chin, CEO & Executive Director of Advancer Global, says, “MES Group specialises in the business of operating commercial and residential properties and also engages in the business of providing integrated property and logistical solutions to companies. It is coincidental that one of our wholly-owned subsidiaries, Premier Eco-Care, is currently one of their key vendors of providing fumigation services. We view MES Group’s investment as a vote of confidence in Advancer Global and we look forward to working together to further enhance our capabilities and grow our businesses as well as build shareholder value.”

Shares of Advancer Global closed at 33 cents on Tuesday before the announcement.

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