ITE Electric places out 63.4 mil new shares; plans name change to Sunrise Shares Holdings

SINGAPORE (Jan 11): ITE Electric Co has entered into a conditional share placement agreement to issue 63.4 million new shares at 4.68 cents each to raise $2.97 million.

The new shares, which were sold to three companies and 17 individual invesstors, represent 31.6% of the enlarged share capital of the company. The individual placees include former colleagues of ITE Electric's chief executive officer and executive director, Zhang Zhi Liang, current employees of the company's wholly owned Shenzhen Sunrise Development and current directors of Shenzhen Sunrise.

In a filing on Tuesday night, ITE Electric says 100% of the net proceeds of the proposed placement will be used for general working capital purposes.

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