Stock News: AsiaPharm placement share at 0.8032 sgd!

AsiaPharm Group Ltd said it will place a combination of new and vendor shares totaling 95 mln at 0.8032 sgd per share to fund its business expansion plans. It said it has signed an agreement with OCBC Securities Ltd for the placement of 60 mln new ordinary shares and 35 mln vendor shares at a 10 pct discount to AsiaPharm's weighted average price of 0.8924 sgd yesterday. AsiaPharm expects to raise about 62.76 mln sgd in net proceeds from the placement, of which 55 mln sgd will be used to expand its business and products through acquisition, joint venture or strategic alliances, or other contractual arrangement within or outside China. The rest of the proceeds will be for general working capital, it said.