|NEWS & EVENTS|
Controlling shareholders to inject fresh funds of $9 million, convert $2 million to $3 million (out of $4 million) of existing loans to equity and call for rights issue of up to $31.34 million
Singapore, 13 February 2017 – The Stratech Group Limited (the Group) announced that the founders and controlling shareholders, David K.M. Chew and Leong Sook Ching, are injecting additional fresh funds of $9 million into the Group.
The controlling shareholders will also convert $2 million to $3 million (out of $4 million) of existing loans to equity.
The Group plans to call for a rights issue of up to $31.34 million to raise working capital and to propel growth. Details of the rights issue will be announced in due course.
As demand for air travel continues to surge, ICAO (the International Civil Aviation Organisation) has declared that runway safety is #1 (number one) safety priority.
ICAO has also announced that by 2018, they will deliver SARPs (Standards And Recommended Practices) – “new/updated provisions in Annex 14 Volume I and PANS-Aerodromes for the prevention, and the installation of devices for the detection, of Foreign Object Debris (FOD) ingestion”. Executive Chairman Dr. David K.M. Chew said: “We are very close to take-off after having charged down the runway for more than 11 long years”.
iFerret™ is the global market leader for FOD Detection Systems with contracts totaling $130.92 million committed by top airports of the world (such as Singapore Changi Airport, Dubai International Airport, Hong Kong International Airport, etc.) to Stratech and our Resellers to deploy, operate and maintain these systems through 2030. The cash injection from the controlling shareholders and the rights issue is for the Group to protect its market share and enhance its products and capabilities to further strengthen its competitive positioning and earning power.
The Group will create specialised spin-off companies, which give investors the opportunity to direct funds toward specific aspects of the business in specific countries, territories and regions, with high growth prospects.
The Stratech Group Limited