Thursday 28 Mar 2024
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KUALA LUMPUR (June 5): Scomi Group Bhd has proposed to place out new shares to third party investors to be identified later to raise up to RM19.02 million, which will be used mainly for working capital for the group and its subsidiaries.

Assuming all 491.28 million of its outstanding warrants are exercised prior to the proposed placement (maximum scenario), the placement will involve up to 158.5 million new Scomi shares or 10% of its total number of issued shares at an issue price to be determined and announced later.

"The placement shares may be pegged at a discount of not more than 10% to the five-day volume weighted average market price (5D-VWAP) of shares immediately before the Price Fixing Date," said Scomi in a filing to Bursa Malaysia today.

"For illustrative purposes, the 5D-VWAP of shares up to and including the latest practicable date is 11.96 sen per share. The indicative issue price of the placement shares would therefore be 12 sen each, which approximates the 5D-VWAP," said the company.

The board expects the proposed exercise to be completed within six months from the date of approval from Bursa Malaysia, Scomi added.

At the noon trading break today, shares in Scomi Group closed unchanged at 11.5 sen with 802,500 shares traded for a market capitalisation of RM110.41 million.

 

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