SINGAPORE, 10 July 2000 - Internet Technology Group Limited (ITG), an Internet operating and investment holding company, today launched its initial public offering in Singapore.
The issue of 86,000,000 new shares represents 15.1% of the enlarged share capital, and comprises 9,000,000 shares for public offer, and 77,000,000 placement shares (comprising a minimum of 75,000,000 placement shares and up to 2,000,000 reserved shares for employees and business associates of the Group).
The offering has been priced at S$0.65 per share, resulting in a combined value of S$52,100,000.
Proceeds of the offering are expected to be used to finance ITG's business operations and facilitate future growth and development, including the acquisition of interests in Internet companies which will add synergistic value to the Group or have the potential to expand and be publicly listed in the near future. Proceeds will also be used to expand ITG's existing operations and for working capital purposes.
The offering is being managed and underwritten by BNP Prime Peregrine (Singapore) Limited.
Applications are expected to open on 10 July and close on 17 July at 12 noon. Trading on the SGX as "ready" basis is expected to commence on 19 July, under the acronym "ITG".
"We are excited to be able to offer a stake in the business to the investing public", noted chairman, Koh Boon Hwee. "We believe that ITG provides an excellent opportunity for investors looking to realise the upside of the new economy in a way which is less ad hoc than many recent cases in the international marketplace. We look forward to sharing the returns which we believe will result from ITG's solid business model, a well thought-out business strategy and a dedicated and experienced management team with the public investors".
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