Financial News
SCIB Proposes Private Placement to Raise Up to RM10.98 Million
January 11, 2023 at 04:00 AM EST
KUCHING, MALAYSIA, Jan 11, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) is proposing a private placement to raise gross proceeds of up to approximately RM10.98 million for working capital, repayment of bank borrowings and estimated expenses for the proposed private placement.
 |
| Group MD and CEO of SCIB, Encik Rosland bin Othman |
While the issue price and the actual number of shares to be issued will be determined later, under the maximum scenario in which all the Company's 245.18 million outstanding warrants are exercised, the proposed private placement will entail the issuance of up to 82.72 million placement shares at an indicative price of RM0.1327 per placement share to raise gross proceeds of up to approximately RM10.98 million. Under the minimum scenario, should none of the outstanding warrants be exercised, then gross proceeds raised will be RM7.72 million.
The proposed issuance represents not more than 10% of the issued shares as at the latest practicable date (LPD) of 30 December 2022 while the indicative price per share represents a discount of approximately 9.97% to the five-day volume weighted average market price of SCIB shares up to the LPD of RM0.1474. The proposed private placement may be implemented in several tranches within six months of approval from Bursa Securities Malaysia Berhad or any extended period approved by it until the conclusion of the next AGM.
The proposed private placement is undertaken in accordance with the approval obtained from the shareholders of the Company at the 46th AGM convened on 8 December 2022.
Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my
Source: Sarawak Consolidated Industries Bhd
Copyright 2023 ACN Newswire . All rights reserved.
More News
View More
These 3 Undervalued Stocks Could Surge as Value Rotation Nears
Today 17:09 EDT
Tilray Shares Blazing: What's Behind the 55% Rally This Month?
Today 16:40 EDT
3 Retail Stocks to Watch as Back-to-School Spending Ramps Up
Today 16:13 EDT
How Texas Roadhouse Is Winning in a Changing Consumer Market
Today 16:07 EDT
Best Prime Day Ever? Here Are the Prime Winners Riding the Wave
Today 14:12 EDT
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.
