Bio Osmo to raise RM9.6mil


  • Business
  • Wednesday, 05 Mar 2014

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Bio Osmo , private , placement

   

Next In Business News

Malaysia's DuitNow, Singapore's PayNow to link in 2022
Asian shares creep higher, oil surges to 3-year peak
Govt remains committed to carbon neutral Malaysia by 2050 target
Axiata to dispose of 5% stake in XL
12MP: E&E to contribute RM120b to GDP by 2025
12MP: Digital economy to contribute 25.5% to GDP by 2025
Telcos weigh on FBM KLCI
OCBC Bank rolls out solar panel financing plan for residential homes
12MP: Investments in global services set to reach RM89bil in 2025
12th Malaysia Plan: GDP growth of 4.5% to 5.5%

Stories You'll Enjoy


Vouchers