PERAK TRANSIT BERHAD PTRANS (0186)t to raise RM38m via private placement

 PERAK TRANSIT BERHAD   PTRANS (0186)t to raise RM38m via private placement

KUALA LUMPUR (April 15): Perak Transit Bhd plans to raise RM38.08 million in a private placement of up to 63.47 million new shares or 10% of its total issued shares at an issue price to be determined later.

The funds will be used to finance its urban transport electrification projects (UTEPs), terminal management services projects, partial construction cost for Bidor Sentral in Perak and for working capital.

In a bourse filing on Friday (April 15), the bus service and terminal management company said its total issued shares stood at 634.73 million as at April 11, 2022. In addition, it has 158.68 million outstanding warrants.

Based on the indicative issue price of 60 sen per placement share, which represents a 0.32% discount to the five-day volume-weighted average market price of Perak Transit shares up to April 11 of 60.19 sen, it would raise up to RM38.08 million.

Perak Transit said the proposed private placement should contribute positively to its consolidated earnings in the future as and when the terminal management services projects, UTEPs and Bidor Sentral generate returns.

Barring any unforeseen circumstances, the proposed corporate exercise is expected to be completed by the second quarter of 2022. AmInvestment Bank Bhd has been appointed as the principal adviser and placement agent for the proposed private placement.

Perak Transit shares closed up 0.5 sen or 0.82% at 61.5 sen on Friday, bringing it a market capitalisation of RM396.76 million.

http://www.theedgemarkets.com/article/perak-transit-raise-rm38m-private-placement%C2%A0