Singapore’s Pacific Radiance has said it has signed a non-binding term sheet with potential anchor investors for the equity injection of up to US$85 million.
The company, working to restructure its debt, has said that the investors would invest the stated amount via “a subscription by the investors of new shares in the Company through a private placement to be undertaken by the company.”
Pacific Radiance said it planned to raise another US$35 million through private placement and/or rights issue, bringing the total Investment to approximately US$120 million.
The investment is conditional upon, inter alia, the completion of the restructuring and the approval of shareholders of the company at a general meeting.
Trading of the Company’s securities on the SGX-ST has been voluntarily suspended by the company on February 28, 2018.