PETALING JAYA: Fintec Global Bhd has proposed to place out new shares to raise funding for working capital and its investment into healthcare equipment business, particularly in the personal protective equipment (PPE) segment involving masks, gloves and face shields, among others.
The private placement exercise seeks to issue up to 282.14 million new shares, representing 30% of the group’s total issued shares, to third party investors at an issue price to be identified later.
Based on an illustrative issue price of 4.24 sen per placement share, Fintec said it expects to raise RM11.96mil in total proceeds.
Out of the amount, RM5mil is intended for its new investment and RM6.32mil for working capital, while the remaining amount for the private placement’s estimated expenses.
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