OxPay Financial Limited Provides Detailed Update on Use of S\$963,000 Net Proceeds from Share Subscription
Key Highlights from the Latest Report
- OxPay Financial Limited raised approximately S\$963,000 in net proceeds from the recent subscription of 30,841,000 new ordinary shares.
- These proceeds were raised after deducting costs and expenses of about S\$34,000.
- As of 12 May 2026, the company has utilised S\$513,000 of the net proceeds, with a remaining balance of S\$450,000.
- The allocation of utilised funds is as follows:
- Employee Remuneration: Approximately S\$182,115 (35.5%)
- Repayment of Bank Loan: Approximately S\$23,085 (4.5%)
- Payment of Gateway Deposit: Approximately S\$40,014 (7.8%)
- Operating Expenses: Approximately S\$267,786 (52.2%)
- The utilisation of proceeds is consistent with the company’s previously stated intentions.
- OxPay’s Board commits to providing periodic updates to shareholders on the use of the remaining funds.
Details Investors Should Note
The company’s prudent and transparent allocation of funds demonstrates strong corporate governance and financial discipline. The largest portion of the utilised proceeds has been dedicated to operating expenses and employee remuneration, supporting the ongoing growth and stability of the Group’s business.
- The repayment of bank loans indicates efforts to strengthen the balance sheet and reduce leverage, which could be viewed positively by investors concerned with financial risk.
- The payment of gateway deposits suggests ongoing or new partnerships and business activities, which could potentially open new revenue streams or enhance operational capabilities.
- The remaining S\$450,000 will continue to be used as general working capital, and the Board will make further disclosures if there are material changes or utilisation of these funds.
Potential Price Sensitive Information
While this announcement does not reveal any single material transaction or new business development, it does provide a clear and reassuring update on the company’s financial management. The continued transparency and proper use of capital raised may enhance investor confidence, which in turn could support the company’s share price.
Shareholders should continue to monitor the company’s future announcements for any major investments or changes in the utilisation of funds, as these may directly impact the Group’s growth trajectory and valuation.
Other Important Notes
- The company’s sponsor, ZICO Capital Pte. Ltd., has reviewed this announcement, but it has not been examined or approved by the Singapore Exchange Securities Trading Limited (SGX-ST).
- For further inquiries, shareholders and interested parties may contact Ms. Goh Mei Xian of ZICO Capital Pte. Ltd.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should exercise their own judgment and consult with their financial advisors before making investment decisions. The author is not responsible for any actions taken based on the information provided.
