Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 23): Tadmax Resources Bhd is undertaking a private placement to raise up to RM35.52 million to fund the group's 1,200 megawatt natural gas-fired combined cycle power plant in Pulau Indah, Selangor and Labuan property development project.

In a filing with Bursa Malaysia today, the group proposed to place up to 107.63 million new shares, representing 20% of its issued share capital to independent third party investor to be identified later.

Based on an indicative issue price of 33 sen per share, Tadmax intend to raise RM18 million for the power plant, RM12.5 million for the property project, RM4.52 million for working capital and RM500,000 for expenses related to the proposals.

Meanwhile, the group also proposed debt settlement of RM11 million with its managing director Datuk Seri Anuar Adam and RM6 million with executive director Datuk Gan Seong Liam by way of new shares issuance.

Tadmax planned to issue 30.56 million new shares to Anuar and 16.67 million shares to Gan, at an issue price of 36 sen.

Additionally, Tadmax also proposed to settle the remaining acquisition consideration of RM32.5 million for 45% stake in Wawasan Metro Bina Sdn Bhd via issuance of new shares to the vendors, namely Inas Angkasa Sdn Bhd, Impiria Jaya Sdn Bhd and Global Showcase Sdn Bhd.

Tadmax initially owned 55% stake in Wawasan Metro, and had on July 22 last year bought the remaining 45% stake at RM42 million.

So far, the group has paid the deposit of RM3 million and first instalment of RM6.5 million for the acquisition.

Hence, Tadmax intends to issue a total of 90.28 million new shares to the three companies as settlement to the remaining amount owed to them.

Wawasan Metro is also a property developer. It is currently undertaking a residential project consisting of 1,520 units and another 1,512-unit condominium in Kepong, Kuala Lumpur.

Tadmax expects to complete all these proposals in the first quarter of 2018.

In a separate filing, Tadmax announced that Gan, 62, is resigning from the board of directors due to his work commitments.

The stock closed unchanged at 35 sen today, giving it a market capitalisation of RM188.36 million.

 

      Print
      Text Size
      Share