Ever Glory raises $17m from share placement

The funds will be used for working capital and the Guthrie Engineering acquisition.

Ever Glory United Holdings Limited has raised about $17.05m through a placement of 31 million new shares at $0.55 each.

The placement price of $0.55 represented a discount of approximately 7.72% to the volume-weighted average price of $0.596 based on trades done on the SGX-ST on 22 August.

The placement saw strong participation from institutional and accredited investors, including ICHAM Master Fund, Amova Asset Management, Lion Global Investors Limited, Ginkgo-AGT Global Growth Fund, Asdew Acquisitions Pte Ltd, and Azure Capital Pte Ltd.

The net proceeds from the placement are intended to be used for general working capital purposes and partial payment of the balance purchase consideration for the acquisition of Guthrie Engineering.

CGS International Securities Singapore acted as the sole placement agent.

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