Intraco raises $20.23m in digital securities series amidst heavy insider buying

It also raised $6.546m in a USD token programme.

Intraco Limited issued commercial papers in digital securities in two separate series that totalled $20.23m.

Its 26th series of commercial paper in digital securities denominated in Singapore Dollars under the SDAX CP Facility Programme (SGD CP Series 026A Tokens) raised $19.95m from accredited investors, Intraco said in a bourse filing on Tuesday.

The Series 026A ran for a tenor of 57 days at an interest rate of 3.5% per annum, it added.

Its fourth of six-month commercial paper in digital securities for retail investors under the SDAX CP Facility Programme (CP Series 004 Tokens - Retail) raised $0.28m from investors on the Capital Markets Platform.

The Series 004 Tokens - Retail ran for a tenor of 163 days at an interest rate of 2.85% per annum.

The Series 026A Tokens will be issued on the SDAX Exchange on the same day and Series 004 Tokens - Retail will be issued on the Capital Markets Platform, the firm said.

Amongst the subscribers for the Series 026A, $8.55m was subscribed by associates of controlling shareholders, a director of the Intraco and its executive chairman and his spouse, amounting to approximately 42.9% of the tokens.

In terms of US dollars, Intraco said that its 19th series of commercial paper in digital securities denominated under the SDAX CP Facility Programme (USD CP Series 019 Tokens) raised $6.546m (US$5.98m).

The Series 019 Tokens ran for a tenor of 57 days at an interest rate of 4.6% per annum.

Taurus Point Capital Pte. Ltd., an exempt corporate finance adviser and a wholly-owned subsidiary of the company, is the adviser to Intraco on all three token series, the firm said in the filing.

Intraco will make further announcements on its series tokens if possible, it added.

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