Mary Chia Holdings proposes $1 million discounted share issue, including shares for its founder

The Straits Times reports that Mary Chia Holdings proposed selling 100 million new shares to its founder and three other investors for $1 million. The issue would significantly dilute existing shareholders. The company expects about $946,570 in net proceeds, with $750,000 earmarked for working capital and the rest for expansion in China and Thailand. The transaction requires shareholder approval.