Ever Glory United is launching a public offering of up to 2 million new shares at 64 cents per share as part of its planned transfer to the Mainboard of the SGX.

The offering price reflects a 9.1% discount to the volume-weighted average price of 70.4 cents recorded on December 9.

If all 2 million shares are issued, they will account for approximately 0.52% of the company's enlarged issued and paid-up share capital.

The public offering is aimed at fulfilling the SGX-ST listing rule requiring a minimum of 500 shareholders.

Net proceeds from the offering are expected to reach $1.15 million, which will be allocated for working capital purposes.

Ever Glory United submitted its application to transfer from Catalist to the Mainboard on October 14, having already met the $150 million market capitalization threshold.

The company's shares closed unchanged at 69.5 cents on December 10.