ASX-listed e-commerce company Ensogo Ltd has managed to raise another A$38 million (US$29.7 million) from institutional investors, by issuing 183 million new shares.
ASX-listed Ensogo Ltd said it has entered into an agreement with WF Asian Reconnaissance Fund Limited (Ward Ferry, a fund managed by Ward Ferry Management) for the placement of 58,823,530 new Ensogo shares to Ward Ferry at a price of 17 Australian cents (US 13 cents) per share.
E-commerce company Ensogo Ltd, formerly iBuy, said it has secured a strategic investment from China’s online discount retailer Vipshop Holdings Ltd. Vipshop will take a 12.2% stake in Ensogo by being issued with primary shares.
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While the overall stock market picture in 2014 seemed gloomy, some companies managed to dodge the larger trend, in particular those tech companies owned by entrepreneurs who made into Digital News Asia’s inaugural Digerati50 list, writes Goh Thean Eu.
Ensogo, formerly known as iBuy, has moved to downsize its operations across the region with significant numbers of staff being laid off in multiple markets.
Economic reality bites Internet companies, and the final DNA-TeAM Disrupt of 2014 advises entrepreneurs to raise their next round – fast.
Ensogo Ltd, formerly iBuy Group Ltd, said it has deployed a fully integrated business process management solution to drive operational efficiencies across its business.
Despite being ordered by the board to cut A$250,000 a month in opex and witnessing its share price take a dive over the last three months, the soon-to-be rebranded iBuy Group is in the best financial shape ever, claims its new CEO Krzysztof Marszalek.