Esteel Enterprise Pte. Ltd. announced that it has entered into subscription agreement to issue 30,000,000 shares at issue price of $1 per share for gross proceeds of $30,000,000 on September 8, 2022. The transaction will include participation from new investor, Theme International Holdings Limited which will hold 6.6% of the company's stake after closing of the transaction.

The transaction is expected to close on September 16, 2022. The transaction has been approved by the board of investors.