Post-private placement, group managing director and CEO Datuk Chew Chee Seng(pic) – who is the largest shareholder – would see his 25.36% stake dropping to 21.13%. “This would dilute my own shareholding. “As such, this is a very strategic move to bring onboard a strong partner to strengthen our technologies and financial position, ” Chew told StarBiz.
KUALA LUMPUR: Managepay Systems Bhd
(MPay) has proposed to undertake a private placement of up to 20% of the total number of its issued shares to raise funds to strengthen its financial technologies, including the development of systems for a licensed digital bank.
Loss-making MPay is a provider of end-to-end electronic payment solutions for banks and financial institutions, merchants and card issuers.
