AT Systematization to raise up to RM2.95m via private placement

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KUALA LUMPUR (May 16): AT Systematization Bhd has proposed to raise up to RM2.95 million via private placement to third party investors to be identified later.

The proceeds raised will be used for the acquisition of specialized machineries and pay for expenses related to the private placement.

In a filing with Bursa Malaysia today, AT Systematization said the proposed private placement will see the issuance of up to 42.19 million new shares, representing not more than 10% of its issued shares.

The placement shares will be priced at not more than 10% discount to the five-day volume weighted average market price (VWAP) of AT Systematization shares. For illustrative purposes, the issue price of 7 sen per placement share would represent a discount of 9.44% to the five-day VWAP up to May 8 of 7.73sen.

Barring unforeseen circumstances, the proposed private placement is expected to be completed by the second quarter of 2018, the company which makes industrial automation systems and machinery, said.

The counter closed unchanged at 8 sen, with 1.29 million shares traded, giving it a market capitalisation of RM33.75 million.