LKL decides to undertake private placement before bonus issue

LKL decides to undertake private placement before bonus issue
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KUALA LUMPUR (June 17): LKL International Bhd said it has decided to conduct its private placement of 30% of its issued share capital before its one-for-one bonus issue.

This means the placement will now entail the issuance of up to 177.52 million shares, halved from 355.05 million shares indicated previously. LKL has an issued share capital of 514.56 million with outstanding ESOS that could be exercised into 77.18 million shares.

LKL, known for its healthcare beds manufacturing business, wanted to raise RM56.81 million, of which RM54.21 million will be used to set up a new business in trading of rubber gloves and personal protective equipment.

In a bourse filing today, the group said that following the revision in placement size, it has set an illustrative issue price of 32 sen per share for the exercise.

Shares of LKL closed up half a sen or 1.67% to 30.5 sen, valuing the group at RM170.08 million.

S Kanagaraju