Strategic Partnership with Western Properties to Fuel Expansion Plans
FJ Benjamin Holdings (FJB) announced on December 21 that it will raise S$3 million through a placement deal with Western Properties, a member of the Far East Organization. The agreement will see Western Properties subscribe to 120 million new FJB shares at S$0.025 each, boosting its stake in the company from 7.4% to 16.7%, making it FJB’s second-largest shareholder, following the Benjamin family.
This deal comes as FJB looks to recover from nearly two years of disruptions caused by the Covid-19 pandemic. CEO Nash Benjamin expressed confidence that increased foot traffic in malls will support the company’s plans for growth. FJB will also explore strategic collaborations with Far East Organization, focusing on both new business ventures and enhancing its current brand portfolio.
The placement deal, pending shareholder approval, comes after Western Properties’ earlier conversion of warrants into shares, solidifying its position as a substantial shareholder. FJB, which distributes and retails a range of fashion, lifestyle, and health products in Singapore, Malaysia, and Indonesia, is home to well-known brands such as Guess, La Senza, Casio, and Rebecca Minkoff.
Before the announcement, FJB’s shares closed at S$0.021, down 4.6% on the day.
