SOLID (5242) - Solid Automotive to raise RM21mil from private placement
KUALA LUMPUR: Solid Automotive Bhd (SAB) is planning to raise up to RM21.15mil from the private placement of 15 million new SAB shares, representing 10% of its issued and paid-up share capital of SAB.
In a filing to Bursa Malaysia on Thursday, the group said the expected RM21.15mil proceeds is based on the indicative issue price of RM1.41.
The group said proceeds would be used for repayment of bank borrowings and working capital for SAB and its units.
The group said the exercise would enable the company to strengthen its shareholders' funds.
"As set out in Section 4.2 of this announcement, the shareholders' funds are expected to increase from
RM90.30mil to RM107.95mil upon completion of the proposed private placement," it said.
http://www.thestar.com.my
KUALA LUMPUR: Solid Automotive Bhd (SAB) is planning to raise up to RM21.15mil from the private placement of 15 million new SAB shares, representing 10% of its issued and paid-up share capital of SAB.
In a filing to Bursa Malaysia on Thursday, the group said the expected RM21.15mil proceeds is based on the indicative issue price of RM1.41.
The group said proceeds would be used for repayment of bank borrowings and working capital for SAB and its units.
The group said the exercise would enable the company to strengthen its shareholders' funds.
"As set out in Section 4.2 of this announcement, the shareholders' funds are expected to increase from
RM90.30mil to RM107.95mil upon completion of the proposed private placement," it said.
http://www.thestar.com.my
