Southern Steel to raise up to RM209.7mil

PETALING JAYA: Southern Steel Bhd (SSB) has proposed a cash call to raise up to RM209.7mil, in which the proceeds would be utilised for the repayment of bank borrowings and working capital.

“As at March 31, the SSB Group utilises floating-rate bank borrowings amounting to approximately RM449.4mil. The part repayment of the SSB Group’s floating-rate bank borrowings of RM74mil under the minimum scenario and RM105mil under the maximum scenario is intended to replace the aforesaid floating-rate bank borrowings with a reasonable fixed rate borrowing,” it said in a filing with Bursa.