Ensogo, an e-commerce platform that operates in South East Asia and Hong Kong, has raised $38 million in new funding to help it ramp up its marketing and customer acquisition efforts.
The company, which is part of the Catcha Group and listed on the Australian Securities Exchange, undertook a conditional placement of 189 million new shares in the company, priced at $0.185 a piece, to raise $35 million from Australian and Asian institutional investors.
China’s leading online discount retailer Vipshop, already a shareholder in the company, also agreed to purchase $3.1 million in additional shares at the same price. It will hold 10% of Ensogo once the share issue has been completed.
Ensogo is one of four companies in the Catcha Group, which was founded by Australian entrepreneur Patrick Grove.
Bicycle courier underpaid $7000 says Fair Work Ombudsman
A transport company allegedly underpaid a bicycle courier by more than $7000 after incorrectly classifying him as a contractor rather than an employee, the Federal Circuit Court in Melbourne has heard.
The Fair Work Ombudsman made the allegation against Z Transport Group, saying the courier did not have an ABN, was not running his own business and did not submit invoices for payment.
But Z Transport Group alleges it paid the courier, aged in his late 20s, for the jobs he did.
A Fair Work inspector gave the company a Continuance Notice, which required full back-payment in 16 days, it is alleged.
The company faces penalties of up to $51,000 per charge while the owner of Z Transport Group faces of a penalty of up to $5,100.
Michael Campbell, the Acting Fair Work Ombudsman, said this is the second complaint the ombudsman has received about the company for the same issue.
Shares down on open
Aussie shares have traded lower this morning, off the back of a weak lead from Wall Street and softness in the crude oil market.
Tristan K’Nell, head of trading at Quay Equities, said in a statement there is also a cautious mood among local investors ahead of the release of official inflation data.
“Inflation data released at 11.30am showed headline CPI data at 1.3% year-on-year and 0.2% quarter-on-quarter in line with expectation,” K’Nell said.
“The Australian dollar rose on the back of the data, possible indicating that the Reserve Bank will again hold off cutting rates in May.”
The S&P/ASX 200 benchmark was down 39.3 points to 5833 points at 12.02pm AEST. On Tuesday, the Dow Jones closed 71.6 points lower, down 0.4% to 17963.3 points.