LONDON (Alliance News) - Koovs PLC on Wednesday said it has issued shares to secure investments from Indian mass media firm HT Media Ltd and from Dragon Asia Holdings Pte Ltd.
Koovs, which operates a wholesale business supplying branded fashion products, said it has issued 12.0 million shares at 25.00 pence per share to HT Media, raising GBP3.0 million in the process.
HT is the owner of the Hindustan Times in India, in addition to a number of other print, radio, digital and events properties. The investment will give HT Media an 8.2% stake in Koovs.
The funds will be used to back marketing investments for Koovs in order to accelerate its growth.
Koovs has also issued 1.2 million shares at the same price to Dragon Asia Holdings Pte Ltd, raising GBP300,000.
Dragon Asia is an investment vehicle connected to Nextwave Ventures Pte Ltd, a major shareholder in Koovs. Following the subscription, Nextwave and Dragon Asia will hold a total 25.5% stake in Koovs.
Shares in Koovs were down 6.2% to 45.24p on Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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