ISOTeam – Vote of confidence from strategic business partner

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Maintain BUY but with the target price lowered to S$0.62, as we factor in the enlarged share base following the new share placement to Nippon Paint.

ISOTeam (ISO) has proposed to place out 2.8m new ordinary shares to Nippon Paint (Singapore) Company Pte Ltd (Nippon Paint) at S$0.50/share.

Upon completion of the placement and proposed acquisition of Industrial Contracts Marketing Pte. Ltd. by ISO (as announced on 27 Oct 14), Nippon Paint will hold, about 5.93% of the ISO’s enlarged share…
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