OxPay to issue 35.4M shares for over $423,000

After the subscription, OxPay expects its FY2024 net loss to rise to $3.1m.

OxPay Financial is proposing to issue 35.4 million new shares to existing shareholder Tee Wee Sien (or Zheng Weixian) at an issue price of $0.01197 per share, amounting to a total investment of roughly $423,857.88.

According to OxPay, Tee has indicated his intention to increase his stake in the company and has confirmed that he is not acting on behalf of anyone else in this transaction.

Once the subscription is completed, and assuming that no other new shares are issued on or before completion, Tee will hold an aggregate of 46.6 million shares, giving him approximately a 14.97% stake in the company.

After the share subscription, OxPay expects its FY2024 net loss attributable to the shareholders of the company will increase to $3.1m. However, loss per share will be reduced to $1.

Net tangible assets (NTA) are projected to increase to $1.49m as of FY2024, whilst NTA per share will increase to $0.48.

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