E.A. Technique to issue new shares to settle debt


  • Business
  • Wednesday, 03 Jul 2019

A total of 19.15 million placement shares would be placed to managing director Datuk Abdul Hak Md. Amin(pic), 25.53 million placement shares to Sindora while the remaining 61.68 million placement shares would be placed to independent third party investors to be identified at a later date.

KUALA LUMPUR: E.A. TECHNIQUE (M) BHD has proposed to undertake a debt settlement exercise owed to its major shareholder, Sindora Bhd, totalling RM57.16mil via the issuance of 121.62 million new shares at 47 sen apiece in the company .

The share issuance might result in the company’s public shareholding spread decreasing below 25%, the marine transportation provider said in a filing with Bursa Malaysia yesterday.

E.A. Technique has also proposed a private placement of up to 106.36 million new shares, representing approximately 17% of its enlarged total number of issued shares.

A total of 19.15 million placement shares would be placed to managing director Datuk Abdul Hak Md. Amin, 25.53 million placement shares to Sindora while the remaining 61.68 million placement shares would be placed to independent third party investors to be identified at a later date, it said in the statement.In addition, E.A. Technique has proposed to issue up to 365.98 million free warrants on the basis of one warrant for every two existing shares held on the entitlement date to be determined later.

“Based on the exercise price of 55 sen, the proposed free warrants issue is expected to raise gross proceeds of RM201.3mil, assuming full exercise of the warrants,” it added. — Bernama

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E.A. Technique , issue , new shares , settle , debt , Abdul Hak , Sindora ,

   

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