KUALA LUMPUR: Green Ocean Corp Bhd’s proposed private placement of up to 10% of its issued shares or 28.97 million new shares at 18.5 sen each has lapsed.
In a statement to Bursa Malaysia, it said the payment condition was not met and the issue price for the initial tranche of placement shares had lapsed.
On July 28, it fixed the issue price for the initial tranche at 18.5 sen per placement share. This would see the company raise up to RM5.36mil.
As the placement exercise had lapsed, the issue price would be re-determined and re-fixed by board later date after all the regulatory approvals had been obtained.
As at March 31,2020, the company’s total borrowings were about RM15.85mil.
It had proposed to use RM3mil to repay the bank borrowings and the remainder RM2.16mil for its general working capital.
Green Ocean’s core businesses are palm kernel crushing, refining of palm oil and palm kernel oil and also producing renewable and alternative material, energy and fuel.