KUALA LUMPUR (Jan 8): Shares of Instacom Group Berhad, which will soon change its name to Vivocom Intl Holdings Bhd, were up by 1.75% at mid-morning

At 10.20am, Instacom gained half a sen to 29 sen with a trading volume of 23.5 million shares.

Yesterday, the company announced that its recent private placement exercise had raised RM33.75 million from strategic investors.

Previously the company had announced that the exercise would involve up to 10% of its issued and paid-up capital or 323.42 million new shares, at an issue price of 25 sen each, and that the bulk of the proceeds would be for future viable investments and general working capital.

The placement proceeds would further contribute to its cash balance of RM37.99 million as at Sept 30, 2015.

Instacom joint chief executive officer Datuk Seri Dr Yeoh Seong Mok had said during the announcement that he anticipates an exciting year ahead for the company.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)