The Singapore “Flyer” of the Week: KOP Ltd
KOP Ltd (SGX: 5I1) is involved in real estate development and development of destination-based entertainment. It was behind property projects such as The Ritz-Carlton Residences Singapore, Hamilton Scotts and Montigo Resorts.
The firm’s shares shot up 32.1% so far this week to close at S$0.103 yesterday. In comparison, the Straits Times Index (SGX: ^STI) only rose by 0.4% during the same time frame.
On 7 October 2017, KOP Ltd announced that it had entered into a placement agreement with Sam Goi Seng Hui, popularly known Singapore’s “Popiah King”.
Sam Goi will subscribe for up to 221,592,443 shares at a placement price of S$0.05 each, raising up to S$11.08 million for KOP Ltd. Upon completion of the proposed placement, the placement shares will represent 20% of the enlarged share capital of the firm.
The proceeds will be used by KOP Ltd to support its business development and business expansion.
Sam Goi is currently the Executive Chairman of Tee Yih Jia Group, a global food and beverage manufacturer, and GSH Corporation Ltd (SGX: BDX). He also has investments in listed and private entities across numerous industries such as food and beverage, consumer essentials, recycling, distribution and logistics.
The announcement added that his subscription for the placement shares is “for investment purposes only”.
The placement shares are expected to be listed within seven market days from 12 October 2017, the date when the firm received the listing and quotation notice from the local stock exchange.