BUSINESS

MAJUPERAK SEEKS TO RAISE RM20 MLN VIA PROPOSED PRIVATE PLACEMENT

24/02/2021 03:53 PM

KUALA LUMPUR, Feb 24 -- Property developer Majuperak Holdings Bhd (MHB) aims to raise up to RM20.96 million via a proposed private placement exercise to raise funds for capital expenditure purposes, repayment of bank borrowings and for a facility management project.

In a statement today, MHB said it plans to issue up to 56.66 million new shares, representing not more than 20 per cent of its total number of issued shares, with an indicative issue price of 37 sen per share.

“Of the total proceeds expected to be raised, RM7 million has been earmarked for a facility management project, involving the provision of clinical support service for four Health Ministry clinics in Terengganu, in addition to the 10 clinics already serviced by the group,” it said.

Meanwhile, RM11.46 million will be allocated for administrative and operating expenditures to sustain MHB’s operations for the year ahead, and RM2 million will be utilised for the settlement of MHB’s existing overdraft facility.

It said the issuance of the new shares has taken into account the additional COVID-19 relief measures granted by Bursa Securities on April 16, 2020, in relation to the 20 per cent general mandate.

"The proposed private placement will provide additional working capital to the group on an expeditious basis.

“Given the unprecedented and challenging times we are facing due to the COVID-19 pandemic, we are undertaking this exercise to ensure that we are able to sustain the growth momentum that the group has been experiencing,” said group chief executive officer Nizran Noordin.

He added that the group hopes the exercise will provide the necessary financial support, enabling it to operate efficiently while exploring prospects in the facility management segment.

-- BERNAMA


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2024 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy