Asia Impact Development Pte. Ltd. (“AID") hereby announces that its Board of Directors resolved to
issue new shares through third party allotment as follows:
Final payment date |
: |
May 31, 2019 |
Number of new shares issued |
: |
53,572 shares |
Amount of proceeds of the offering |
: |
SGD 2,495,600 |
Amount of Paid-in capital after this Capital increase |
: |
SGD 2,870,600 |
Reason of the capital increase |
: |
AID has been developing South East Asian market since 1 year for
its Salary Advance Payment Mechanism. After it has been successfully launched its first operation in
Mongolia in May, 2019, it is now expanding its business widely. Its first target in South East Asian
market is Indonesia, which will be followed by Philippines, Thailand, Vietnam, Cambodia, Myanmar
and India. The capital increase enhances the speed of further development of its business in South
East Asian market. |
Business Model and Projection |
: |
The Salary Advance Payment Mechanism is a quite new business
model; the employees are able to withdraw their salary in advance through E-money directly top-up
to their accounts to transfer, make shopping, paying bills and so on. This is a system which will let
those employees and their families to focus on their job without economic concern. |