Fire fighters rushing to the scene at Hospital Bahagia in rescue.
KUALA LUMPUR: Sedania Innovator Bhd
(SIB) expects to raise up to RM7.52mil through a private placement, which will mainly be used to develop remote terminal units for the Malaysian Fire and Rescue Department and expand its green technology (green tech) solutions business.
The Internet of things solutions provider on Monday proposed to undertake a private placement of up to 22.58 million SIB shares, or 10% of the total number of its issued shares.
The issue price of each tranche of the placement shares will be decided later.
In the announcement to Bursa Malaysia, SIB gave an indicative issue price of 33.29 sen per placement share. (The counter closed half a sen lower at 33.5 sen on Monday.)
Most of the proceeds - RM6.77mil - would be used for working capital, it said.
Of that, the ACE Market company proposed to use up to RM3.9mil to purchase additional orders of remote terminal units that will be part of the automatic fire control system for the Malaysian Fire and Rescue Department. Each device is embedded with a sensor that is linked through wired and wireless networks that connects to the Internet.
In December last year, SIB’s wholly-owned subsidiary IDOTTV Sdn Bhd entered into a strategic partnership agreement with iSCADA Net Sdn Bhd to design, develop and supply the remote terminal units for a minimum of 6,300 designated buildings identified by the Fire and Rescue Department over five years.
The SIB group will use up to RM2mil from the proceeds for its existing green tech business, which is involved in installing energy-saving devices to ensure a more sustainable and environmental friendly premises for its clients.
The company said it planned to undertake energy audit for its existing and future projects, project implementation-related costs and purchase of energy saving devices.
The proposed private placement is expected to be completed by the first quarter of 2018.
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