WE Holdings

WE Holdings: Announced the completion of placement of 167.1m shares at a placement price of 3.699¢ (45.6% discount to last closing price of 6.8¢), increases share capital base by 32.6%. Counter rose from 5.4¢ just before the JV announcement on 4 Feb, to a peak of 18.4¢ by end-Feb, before coming back down to 6.8¢ yesterday. Near the peak over 5-7 Mar, 2 substantial shareholders pared down stakes on the open-market, Sim Mong Keang, from 27.02% to 2.98%, and Chng Weng Wah, from 24.11% to 18.25%. In total, 88.8m shares were sold down, representing 29.0% of pre-placement share capital, and 21.9% of the enlarged issued share capital. The paring down of stakes by the 2 stakeholders were IN-LINE with a previous announcement made by the Company on 5 Feb, where both shareholders have entered sale and purchase agreements in the capital of the Company. Concurrently, SingYaSin SMC Technologies (Terence Tea), one of the placees, will hold approx. 11.72% of the enlarged share capital. The proposed reconstituted Board previously highlighted on the announcement on 5 Feb has been effected, following Terence Tea as the new Executive Chairman of the Company. Terence Tea, wholly owns SingYaSin SMC Technologies, is engaged in the business of commodity and metal trading. WE Holdings is funding its 50%-stake in the JV Company with the proceeds from the share placement exercise; JV agreement with prominent Myanmar businessman Nay Win Tun, of Ruby Dragon Group to explore potential petroleum, oil and gas and related resources business opportunities in Myanmar.