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FINTEC (0150): FINTEC GLOBAL BERHAD completes rights issue to raise RM114m

KUALA LUMPUR: Fintec Global Bhd has received applications for 1.79 billion rights shares, surpassing the 1.43 billion units available for subscription under its corporate exercise.

In an announcement to Bursa Malaysia on Friday, it said this represented an over-subscription rate of 24.99%.

Fintec will raise about RM114mil from this corporate exercise, where about RM65mil will be used to construct a factory in Chemor, Perak for its glove business venture.

Fintec’s executive director, Steve Tan, said the capital raised would enable it to speed up its glove ventures, while describing the over-subscription figure indicated shareholders’ confidence in its business and prospects.

This factory will have an estimated built-up area of 10,000 sq metres to house 14 double former glove dipping lines.

These lines have the capacity to generate an estimated maximum production output of 3.3 billion pieces of gloves per annum.

Its rights issue exercise involved up to 1.97 billion shares with up to 1.57 billion free detachable warrants.

Fintec also holds strategic stakes in several public listed companies including Vsolar Group Bhd (renewable energy); AT Systematization Bhd (engineering); Focus Dynamics Group Bhd (food and beverage); Netx Holdings Bhd; MLABS Systems Bhd and DGB Asia Bhd (financial and IT) and Seacera Group Bhd (manufacturing and property development).

“These are investments that the company regards as having synergistic value, which can be unlocked through inventiveness, collaboration and cross-selling opportunities, ” Fintec said.

https://www.thestar.com.my/business/business-news/2020/12/18/fintec-global-completes-rights-issue-to-raise-rm114m

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