Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Aug 24): Asia Poly Holdings Bhd plans to raise up to RM76.40 million — almost 30 % of its current market capitalisation of RM278.69 million— through a private placement of up to 20% of its issued shares, mainly for funding its future investments. 

The issue price of the placement shares will be determined at a later date after receipt of all relevant approvals, the group said in a filing with Bursa Malaysia.

For illustration purposes, the indicative price of the placement shares is assumed at 47 sen per share, which is a discount of 8.38% to the five-day volume-weighted average market price (VWAMP) of 51.3 sen.  

Asia Poly said RM55 million of the proceeds will be used for future viable investment in relation to its manufacturing business.

It has also earmarked RM10 million to repay part of its bank borrowings and RM11.30 million used for working capital needs. 

The group expects the private placement to be completed by the fourth quarter of this year. 

Asia Poly’s share price closed five sen or 11.63% higher at 48 sen, after some 40.65 million shares were done. Year-to-date, the stock has jumped by 700%.  

(Editing by S. Kanagaraju)

      Print
      Text Size
      Share