MoneyMax Financial Services (SGX:5WJ) is targeting to raise up to SG$44.3 million through the placement of 53 million shares at SG$0.835 each, according to a Thursday filing with the Singapore Exchange.
Shares of the pawnbroking company were up nearly 5% in Friday trading.
The company has signed placement agreements with CGS International Securities Singapore, DBS Bank and Oversea-Chinese Banking or OCBC to procure subscribers.
Proceeds will be used for general working capital needs and to support the growth of its pawnbroking portfolio and purchases of retail inventory.
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