Sapphire selling new shares at 12.8 cts each to fund water projects

SINGAPORE (Dec 31): Sapphire Corporation is undertaking a rights issue to raise funds to invest in water and environmental management projects and for working capital purposes.

Sapphire is selling up to 81.5 million new shares in the company at 12.8 cents each. The company expects to receive net proceeds of $9.98 million from the rights issue after deducting estimated expenses of $0.46 million.

The issue price represents a discount of 11.11% to the last transacted price of 14.4 cents per share on the eve of Christmas Day.

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