(on their latest balance sheet, the company has RMB$622m cash. Why it is selling new shares at a steep discount to NTA in order to raise funds to pay off S$6.75m loan?)
After deducting the placement expenses of about $50,000, net proceeds will come up to about $6.75 million, which the group intends to use 60% to repay part of the outstanding sums due to Soleado Holdings, while 40% will go to general working capital purposes.
Sino Grandness selling 170 mil new shares at 4 cents each to JW Capital
https://www.theedgesingapore.com/sino-g ... jw-capital