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8I HOLDINGS LTD — Capital/Financing Update 2016
Sep 27, 2016
64264_rns_2016-09-27_09e2d576-f175-4edb-bd37-6a76726bb85e.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT / MEDIA RELEASE
For Immediate Release
8I Holdings Ltd (ASX: 8IH)
Completion of Sale of Investment in Velocity Holdings Pty Ltd
28 September 2016, Singapore
8I Holdings (ASX: 8IH ) (“ 8IH ” or “the Company”) is pleased to announce that it has completed the sale of 78.6% of its 49.9% holding in Velocity Holdings Pty Ltd (“VHPL”), via its subsidiaries Red Hill Pte. Ltd. (“RHS”) and Fusion 462 Pte. Ltd. (“F4S”), to Labelle Capital Inc. (“Labelle”), a venture capital company financed by a consortium of investors, for a consideration of S$3,085,028, with approval of the transaction by 8IH shareholders at the AGM held on 8[th] August 2016.
As a result of the above mentioned transaction, 8IH will realise a consolidated gain from the disposal of VHPL amounting to S$730,522 and increase its consolidated cash on hand by S$3,085,028. The net proceeds of the sale will be used to seek other investment opportunities in the Company’s listed and unlisted security investment portfolio.
ENDS
For further information, please contact [email protected]
Media Enquiries:
Louis Chua Goh Yi Lin Company Secretary (Australia) Investor Relations 8I Holdings Ltd 8I Holdings Ltd +65 6225 8480 ext. 114 +65 6225 8480 ext. 116 [email protected] [email protected]
About 8I Holdings Limited
8I Holdings is the holding company of the 8I Group that is based in Singapore and operates an investment business in listed securities and private equity, as well as a financial education and training seminar business. Our experiences as a financial education company focusing on investment techniques with “Value Investing” through our flagship “Millionaire Investor Program” has facilitated significant growth and established 8I Group as one of the leading financial education seminar operators with an investment business in Singapore.
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