Global digital entertainment company migme Limited has completed the placement of 10,000,000 shares, at an issue price of $1.00 per share, to raise $10 million from an oversubscribed placement to shareholders.
The share placement was made to sophisticated and professional investors at $1 each. The group’s major stake holders took up the pro rata offer.
The raised funds will be used to accelerate growth in key emerging markets of India, the Philippines and Indonesia.
“We have made excellent progress in all our key markets and to us, the opportunity is larger than ever” said Steven Goh, Chief Executive Officer, migme Limited. Further adding he said, “This injection of additional capital will enable us to maintain the momentum we have gathered, continue to make progress with platform development, quality of operations and winning in our key markets of Indonesia, the Philippines and India.”
Patersons Securities Limited acted as lead manager to the placement.
Singapore based migme Limited is a global digital media company focused on emerging markets. The company delivers social entertainment services through mobile apps migme and LoveByte, artist management website alivenotdead and eCommerce services through Sold. The company has offices in Malaysia, Indonesia, Taiwan and Hong Kong.