OxPay Financial Limited Announces Full Utilisation of Subscription Proceeds

OxPay Financial Limited (SGX: Company Registration Number: 200407031R) has announced that the net proceeds raised from its recent subscription exercise have been fully utilised. This update follows the company’s earlier announcements dated 28 May 2025, 19 June 2025, and 27 June 2025 regarding the subscription of 35,410,015 new ordinary shares.

Key Highlights from the Announcement

• Net Proceeds Raised: After deducting costs and expenses of approximately S\$29,000, the company raised net proceeds of around S\$395,000 from the subscription exercise.
• Full Utilisation of Funds: The entire amount of S\$395,000 has been fully utilised as of the date of the announcement (19 December 2025).
• Breakdown of Utilisation:
  • Employee remuneration and statutory contributions: Approximately 71.2% of proceeds.
  • Operating expenses: Approximately 28.8% of proceeds.

  This allocation is consistent with the previously disclosed intended use of proceeds.

Details of the Subscription Exercise

• The subscription involved the issuance of 35,410,015 new ordinary shares in the company.
• The net proceeds, after necessary deductions, were earmarked for the company’s general working capital requirements.
• As of this announcement, there is no remaining balance from the net proceeds. All funds have been deployed for the stated purposes.

Important Information for Shareholders

• Transparency in Use of Funds: The company’s detailed disclosure of how the proceeds were utilised provides shareholders with transparency regarding the deployment of new capital.
• No Deviations from Intended Use: There were no deviations from the previously announced intended use of funds, which may provide reassurance for investors concerned about capital allocation discipline.
• Potential Impact on Share Value: As the funds were used mainly for employee remuneration and statutory contributions (key for maintaining operations and staff morale) and for operating expenses (crucial for business continuity), investors may view this as a commitment to sustain operations rather than for expansion or new investments. There is no indication of excess funds for new business development or M&A, which may temper expectations for near-term growth catalysts arising from this capital raise.
• Regulatory Review: The announcement was reviewed by the company’s sponsor, ZICO Capital Pte. Ltd., but has not been examined or approved by the Singapore Exchange Securities Trading Limited (SGX-ST). The SGX-ST assumes no responsibility for the content.

Contact Information

For further queries, shareholders may contact Ms. Goh Mei Xian at ZICO Capital Pte. Ltd., located at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, or call (65) 6636 4201.

Summary Table of Use of Net Proceeds

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are encouraged to conduct their own due diligence and consult with professional advisors before making any investment decisions. The information herein is based on public announcements by OxPay Financial Limited as of 19 December 2025 and may be subject to further updates or changes.

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