Boulevard Capital invests $20m in Singapore's Stratech

According to a release, Boulevard will acquire about 406 million new shares at S$0.06 apiece, which was the closing price when the stock was suspended from trading on August 11. Boulevard will take a 58.4% stake via its Boulevard Opportunity Fund, assuming it also coverts about $8.7 million in loans into another 290 million shares at the same price.

Founded in 1989, Stratech develops intelligent vision systems for government and corporate clients, including Singapore’s Changi International Airport and Hong Kong International Airport. Key products include iFerret, an airfield surveillance system able to detect and display foreign objects on runways in real time that has been accredited by the US Federal Aviation Administration.

Earlier this year, Stratech said it would create specialized spin-off companies to allow investors to direct funds toward specific aspects of the business in specific geographies. It recorded a 16% decline in revenue during the twelve months ended March 2018 to S$5.5 million ($4 million) citing a “lower level of activity” and reduced demand from the Singapore market. The company posted a net loss of about S$6.8 million in financial 2018, compared to a net loss of $11.8 million the prior year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Support services
• Technology
• PIPEs
• Singapore
• Infrastructure