Thursday 28 Mar 2024
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KUALA LUMPUR (March 23): Loss-making software solutions firm Cuscapi Bhd has fixed the price for the first tranche of its private placement exercise at 22.3 sen per share, which is 9.2 sen or 28.5% below its closing price of 31.5 sen today.

In a filing to Bursa Malaysia today, the cash-strapped firm said the price for the private placement shares represents a discount of 2.39 sen or 9.68% to its five-day volume weighted average market price up to March 22.

According to Bursa's Main Market listing requirements, "a listed issuer must ensure that shares are not priced at more than 10% discount to the weighted average market price of the shares for the five market days immediately before the price-fixing date".

The first tranche of Cuscapi's private placement exercise involves the issuance of 43.5 million shares to third party investors.

At 22.3 sen, Cuscapi is expected to net RM9.7 million, which is more than its earlier projection of raising between RM5.84 million and RM7.63 million.

The amount to be raised, Cuscapi said in its earlier filing last month, will be used as working capital for repayment to creditors, staff salaries, general administrative expenses and other expenses.

Cuscapi was the fourth most actively traded counter today, with 93.92 million shares traded, which is equivalent to 21.56% of its share capital.

The stock closed 7.5 sen or 31.25% higher at 31.5 sen today, giving it a market capitalisation of RM137.19 million.

 

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