GSH

GSH: Company announced 2 separate placements, raising a total of $37.5m; Placement price of $0.095/ share (discount of 12% from last price of $0.108 before the trading halt. Placement shares represent 8.7% of existing share. 1st placement: Skyven Growth Opportunities Fund A PE fund managed by SkyVen Asset Mgmt, founded by Peter Tan (VC focused) and Chew Ghim Bok (MD of Elite KSB- food distributor). Placement subscription enables Skyven Asset Mgmt to have ~4.3% interest in GSH. 2nd placement: Golden Super Holdings Ltd An investment holding company, and member of the Lippo group. Golden Super were keen on GSH's inorganic growth strategy of exploring opportunities in the property development, construction materials and construction industries, in particular in the PRC. Placement subscription enables Lippo Group to have ~3.7% interest in GSH. 8% of the net proceeds will be use for working capital,the remaining 92% for prospective M&A opportunities, particularly inorganic opportunities in PRC. The Group recently entered a JV with the Longhai City Govt, for the planning and development of the Longhai-Singapore Marine Eco-City Project.