PETALING JAYA: Bio Osmo Bhd plans to raise as much as RM9.6mil by selling up to 48.04 million new shares through a private placement exercise.
The company said at least RM5mil from the proceeds would be used to purchase raw materials, RM2mil for salary and administrative expenses, while the remainder would be for maintenance of its existing plant and machinery.
The company has appointed KAF as the adviser and the sole placement agent for the exercise. On Feb 28, a few boardroom changes took place.
Shahrizal Hashim Abdul Halim was appointed executive director (ED) of the company, while Yang Chin Kar resigned from his ED position.
Shahrizal is a director and shareholder of Al Maurid Resources Sdn Bhd, which is also a major shareholder of Bio Osmo.
In January, Tanjung Offshore Bhd managing director Harzani Azmi emerged as a substantial shareholder in Bio Osmo after his private company Al Maurid Resources acquired a 28% stake or 99 million shares in Bio Osmo.