Agape ATP Secures US$23 Mln From Institutional Investors In Private Placement

KUALA LUMPUR, March 6 (Bernama) -- NASDAQ-listed Agape ATP Corporation (ATPC) has entered into agreements for a US$23 million (US$1=RM4.41) private placement with institutional investors to support its expansion in healthcare, oil and gas trading, and renewable energy.

The wellness and energy-saving company said the placement was secured through subscription agreements with 18 institutional investors.

“Under the terms of the agreements, 46 million shares of common stock will be issued at US$0.50 per share, in accordance with (US securities laws that) governs offerings to non-US investors. The transaction is expected to close within 30 business days,” it said in a statement today.

ATPC founder and global group chief executive officer Datuk Seri How Kok Choong talked about the expansion into oil and gas trading, solar energy, and its continued commitment to healthcare and wellness solutions. “This investment will accelerate our ability to execute on key projects, strengthen our operational capabilities, and enhance shareholder value,” he said.

ATPC’s total issued shares will increase from four million to fifty million following the transactions.

-- BERNAMA