Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Aug 9): Shares in engineering systems provider Metronic Global Bhd rose 8.33% this morning after it proposed to undertake a private placement to raise up to RM9.41 million, the bulk of which, or RM9.25 million, is to be used for the development of smart city solutions in Malaysia, in partnership with a Chinese company.

At 9.35am, Metronic added 0.5 sen to 6.5 sen for a market capitalisation of RM73.61 million.

Metronic said it would issue up to 156.83 million shares in the placement, or 10% of its 1.57 billion issued capital, assuming all outstanding warrants are exercised and all employees’ share option scheme are fully granted.

It said the estimated proceeds to be raised are based on six sen per placement share, or a discount of not more than 10% to 6.56 sen, which was the group’s five-day volume-weighted average market price (VWAP), up to and including July 31.

      Print
      Text Size
      Share