Sarawak Cable plans private placement of RM7mil
Published on 03 Oct 2019. | Source: thestar.com.my
PETALING JAYA: Sarawak Cable Bhd has proposed to undertake a private placement exercise to raise up to RM7.29mil to finance its working capital.
In its filings with Bursa Malaysia, the company said the proposed private placement would entail issuance of up to 31.7 million shares, representing up to 10% of the existing share capital.
Sarawak Cable said the placement shares would be placed out to third party investors to be identified at a later date.
Based on an indicative issue price of 23 sen per placement share, the company said it expected to raise gross proceeds of up to RM7.29mil.
Sarawak Cable said the exercise would likely be completed within six months.
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