BUSINESS

CYPARK PROPOSES SHARE PLACEMENT TO RAISE RM73.4 MLN

08/11/2022 08:15 PM

KUALA LUMPUR, Nov 8 (Bernama) -- Cypark Resources Bhd (CRB) has proposed to undertake a share placement of up to 178.94 million new shares or 30 per cent of the total number of issued share of which the issued price will be determined later.

For illustrative purposes, the indicative issue price of the proposed placement is RM0.41 per share,  thereby the exercise is expected to raise gross proceeds of up to RM73.37 million, based on maximum scenario.

In a filing to Bursa Malaysia today, CRB said the placement shares will be placed out to independent third party investors to be identified at a later date and will not be placed to a director, major shareholder or chief executive of CRB or a holding company of CRB or persons connected as well as nominee corporations, unless the names of the ultimate beneficiaries are disclosed.

“Based on the illustrative issue price of RM0.41 per share, out of the proceeds of RM73.37 million, RM50 million would be utilised as working capital for the development of the large scale solar 2 – floating solar photovoltaic projects within six months from the date of listing.

“Another RM22.87 million would be utilised as working capital for the solid waste modular advanced recovery and treatment waste-to-energy plant in Negeri Sembilan within 12 months from the date of listing while RM500,000 would be used for expenses for the proposed placement,” it said.

CRB said the exercise would enable the company to raise the requisite funds to meet the group’s funding requirements, without relying entirely on internally generated funds and/or bank borrowings and is viewed as the most appropriate avenue of fund raising.

The proposed placement would also allow the CRB to increase its Bumiputera shareholdings for the purpose of maintaining its Bumiputera Controlled Public Listed Companies (PLC) status awarded by the Ministry of International Trade and Industry.

The Bumiputera controlled PLC status would be a competitive advantage as it enables the Group to participate in future project tenders that requires Bumiputera Controlled PLC status, if any, it added.

-- BERNAMA

 

 

 

 

 


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