· It is reported that Saratoga is currently eyeing for a stake in Arpeni. The media reported the investment group will act as a stand by buyer on Arpeni’s right issue and also to buy as much as US$60mn of Arpeni’s convertible bonds.
· Despite no confirmations from both Arpeni and Saratoga, the news popped up after Arpeni’s official announcement for its US$60mn bonds and US$70mn new shares issuance plan.
· The company has met agreement with its investor for this issuance where the agreement also mentions 35% stakes acquisition. Arpeni and its investor is planning for due diligence, which will take of up to eight weeks.
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