China’s Yiguo to own 51% of SunMoon with $24 mil placement

SINGAPORE (Oct 10): SunMoon Food Company, the fruits trading company, could see a new controlling shareholder soon.

In an after-market filing on Friday, the company announced the it plans to place out 333.3 million new shares at 4.5 cents to an existing business partner, Shanghai Yiguo E-commerce (Yiguo), a leading fresh food e-commerce player in China.

Upon completion of the placement, Yiguo will own 51% of the enlarged company. In addition to the new shares, Yiguo will also receive free warrants at the ratio of one warrant for each two placement shares subscribed. The warrants are to be exercised at 5.4 cents per share.

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