Kuala Lumpur: NASDAQ-listed Agape ATP Corporation (ATPC) has announced that it has successfully entered into agreements for a US$23 million private placement with institutional investors. This move is aimed at supporting the company’s expansion efforts in the sectors of healthcare, oil and gas trading, and renewable energy.

According to BERNAMA News Agency, the wellness and energy-saving company secured the placement through subscription agreements with 18 institutional investors. Under the terms of these agreements, a total of 46 million shares of common stock will be issued at a price of US$0.50 per share. This issuance is in compliance with US securities laws that govern offerings to non-US investors, and the transaction is anticipated to close within 30 business days.

ATPC’s founder and global group chief executive officer, Datuk Seri How Kok Choong, elaborated on the company’s strategic expansion plans. He highlighted their focus on broadening their presence in oil and gas trading, venturing into solar energy, and maintaining their commitment to healthcare and wellness solutions. ‘This investment will accelerate our ability to execute on key projects, strengthen our operational capabilities, and enhance shareholder value,’ Datuk Seri How Kok Choong stated.

As a result of this transaction, ATPC’s total issued shares will significantly increase from four million to fifty million, marking a pivotal development in the company’s growth trajectory.