Star Combo Pharma Limited (ASX:S66) announced a private placement of 49,000,000 shares at AUD 0.68 per share for gross proceeds of AUD 33,320,000 on February 28, 2020. The transaction will include participation from new investor, Goldenmax International Technology Ltd. (SZSE:002636). On closing, the investor will hold 36.13% stake in the company.

The company and the investor entered into a share subscription agreement as part of the transaction. The transaction is subject to approval from its shareholders at the Extraordinary General Meeting of the company to be held in April 2020 and from the Australian Government (investment department). The transaction is expected to be completed by no later than May 30, 2020.

The transaction was approved at the 17th session of the 4th directorate of the investor.