VSOLAR (0066): VSOLAR GROUP BHD to raise RM10.89 mil via private placement
KUALA LUMPUR (Dec 16): VSolar Group Bhd plans to undertake a private placement to raise an estimated RM10.89 million to fund its solar photovoltaic (PV) projects.
In a filing with Bursa Malaysia, VSolar said it plans to issue up to 245.19 million new shares, representing 10% of its issued shares.
The proceeds of RM10.89 million are based on an illustrative issue price of 4.44 sen per placement share, which is a discount of 9.94% to the five-day volume weighted average price of the shares up to and including the latest practicable date (Nov 26) of 4.93 sen.
“Based on the illustrative issue price, RM10.44 million of the proceeds will be utilised for working capital for solar PV solutions projects, while estimated expenses for the proposed private placement amount to RM445,000,” the solar PV solutions provider added.
The proposed placement is expected to be completed by the second quarter of 2021.
As at Nov 26, the group’s cash and bank balances stood at RM43 million, which comprised the balance proceeds raised from earlier fund-raising exercises of RM36.1 million from a rights issue exercise that was completed on July 13 and RM6.9 million raised from a private placement exercise that was completed on Nov 18.