M3 Technologies fixes private placement issue price at 3.6 sen per share

M3 Technologies fixes private placement issue price at 3.6 sen per share
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KUALA LUMPUR (Dec 11): M3 Technologies (Asia) Bhd has fixed the issue price for the placement of 58.43 million placement shares at 3.6 sen per share.

In a filing today, M3 said the issue price represents a discount of 10% to the five-day volume weighted average price (VWAP) of its shares up to Dec 10 of four sen.

In March, the company had proposed to undertake the private placement exercise to raise proceeds for general working capital purposes.

Based on the issue price, the company could raise up to RM2.1 million via the placement exercise.

M3 Technologies’ share price fell 0.5 sen or 11.11% to four sen, giving it a market capitalisation of RM23.47 million.