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China Star Food Closes $9 Million Share Placement; Shares Slip 4%

MT Newswires ·  {{timeTz}}

09:47 PM EST, 11/21/2021 (MT Newswires) -- China Star Food (SGX:42W) completed the allotment and issuance of 500 million ordinary shares at SG$0.024 apiece on Friday to raise SG$12 million ($8.8 million).

The shares are expected to be listed and traded in Singapore on Nov. 23, according to a Friday bourse filing.

Accordingly, the total number of issued shares, excluding treasury shares and subsidiary holdings, of the company has increased to 1,383,818,100 shares from 883,818,100 shares.

Proceeds will be used to meet the paid-up share capital requirement of subsidiary Fujian Zixin Biological Potato, to expand its Singapore business and for working capital purposes.

Shares of the potato farming company slipped nearly 4% recently.

Price (SGD): S$0.03, Change: S$0.00, Percent Change: -3.85%

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