8Telecom eyes $2.3m from 22.48m subscription shares

Proceeds will fund future acquisitions and the company's operating costs.

8Telecom will sell 22.48m shares for a total of $2.3m. The subscription shares will be bought by SGX listed companies Tai Yang Technology and Top Capital Securities, an announcement revealed.

With each share valued at $0.103, Tai Yang Technology will purchase 5,600,000 shares whilst Top Capital will buy 16,880,000 shares. In total, the two companies will acquire 16.66% subscription shares from 8Telecom after sales completion.

According to 8Telecom, half of the proceeds from the sales will be used for proposed investments including two targets engaged in the supermarket business. Meanwhile, the remaining half will fund operating expenses as well as wages.

Tai Yang Technology is engaged in e-commerce development whilst Top Capital is an investment holding company.