Dapai International, a counter which I used to have and divested at a loss, has had an SGX annoucement here stating the 1 for 4 rights issue.

Dapai will be issuing new shares at $0.080 apiece, and the reason for it is
"the entire amount of the Net Proceeds of S$19.3 million for financing in part the potential
acquisition of a suitable target in the backpack and luggage business segment which the
Company is currently negotiating, or if the potential acquisition being unsuccessful, the entire amount of the Net Proceeds of
S$19.3 million will be used for the Group’s future expansion of sales and distribution
networks and channels as well as general working capital purposes."

I have to thank Heavens that I divested immediately after I felt something not right with this company. My reasons at that time here.

This Rights Issue is yet another ......