Trek2000 subsidiary Racer Technology to issue 6m new shares worth $7.2m

For business expansion and capital expenditure purposes.

Trek2000 is up for a good year ahead, especially after their latest big contract win.

According to a report by RHB Group, Trek2000 have announced that one of its subsidiaries, Racer Technology Pte Ltd are intending to issue 6m new shares worth a total of SGD7.2m to Mr Willy Koh, current executive director and CEO of Racer Technology Pte Ltd, to raise funds for business expansion and capital expenditure purposes.

Racer and its subsidiaries are principally engaged in the manufacture of plastic products for consumer, industrial and commercial appliances.

However, RHB adds that Trek2000 will not be participating in the capital call and will not be increasing its stake in this subsidiary as the company intends to conserve and deploy its cash towards its core technology business. After the proposed allotment, Trek2000 stake in the firm will decrease from 47.5% to 19% while Willy Koh’s stake will increase from 42% to 76.8%.

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