Cypark tweaks private placement plan due to market conditions

The environmental solutions firm, whose share price has declined by about 15% from the start of the year, told Bursa Malaysia on Wednesday that the board decided to make the placement in tranches as a result of “the prevailing market conditions.”

Cypark had proposed on Feb 10 to issue up to 40.98 million new shares, representing 20% of its issued and paid-up capital, mainly to raise funds for working capital. Half of the placement shares are to be issued to group chief executive officer Datuk Daud Ahmad and the other half to third party investors who are not acting in concert with Daud or executive chairman Tan Sri Razali Ismail.