PETALING JAYA (Dec 21): PUC Bhd has today received shareholders' approval to vary the utilisation of proceeds from the company's rights issue of irredeemable convertible unsecured loan stocks (ICULS) with warrants. The company intends to use the remaining proceeds from the exercise to finance the expansion of PUC's electronic money (e-money) business.
According to PUC's shareholder and ICULS holder circular dated Nov 29, 2017, the rights issue had raised RM42.65 million. PUC had originally intended to use a major portion of the proceeds to finance the construction of solar power plants.
The circular showed that the company had only used RM6.21 million of the proceeds, hence a balance of RM36.45 million.
Today, PUC told Bursa Malaysia that "the resolution as set out in the notice of extraordinary general meeting (EGM) dated Nov 29, 2017 was duly passed by way of poll at the EGM held on Dec 21, 2017".
At a press conference after the EGM here today, PUC group managing director and chief executive officer Cheong Chia Chou said: "This [decision] is very timely for us to capitalise on the growth opportunity, to strategically expand our business particularly in e-commerce, and e-wallet which will be launched in the first half of 2018."
At 12:30pm, PUC shares settled at 32.5 sen with some 75 million units traded. PUC was the most-active stock on Bursa Malaysia.