KNM plans new RM54.9mil private placement exercise  

KUALA LUMPUR: KNM Group Bhd has proposed to raise up to RM54.9mil by placing out new shares to investors.

Proceeds from the exercise, which will expand its share capaital base by up to 20%, will be utilised to buy raw materials and as payment to contractors (RM33.6mil) and repay bank borrowings (RM20mil).

Under the plan, the oil and gas fabrication company will issue up to 296.9 million new shares at an assumed price of 18.5 sen each, KNM told Bursa Malaysia today.

"The Company envisaged its business and earning visibility to gradually recover from the slowdown caused by the global outbreak of COVID-19, the implementation of Movement Control Order in Malaysia as well as the slump of global crude oil prices, commencing from second half of 2022," it said.

The company, on Nov 20, raised RM44.55mil from a similar private placement exercise. It has also raised RM10.1mil since Jan 1, 2020 through its employees share option scheme.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

KNM Group , private placement


Did you find this article insightful?


67% readers found this article insightful

Next In Business News

SCH Group is now known as Hextar Industries
Petronas' Malaysia bid round 2021 attracts over 250 potential, existing investors
Celcom allocates RM1bil for 2021 capex
Bursa Malaysia ends in negative territory
UEM Edgenta to save RM100mil in shift towards healthcare tech solutions
AmInvest Research lowers end-2021 KLCI target to 1,695
UOB Kay Hian Research keeps buy call on Top Glove, lower TP RM7.60
AMMB posts net profit of RM262.8m in 3Q, RM1.09b in 9M
John Holland Gamuda JV shortlisted for airport metro
Lim Hock San appointed executive chairman of LBS Bina Group

Stories You'll Enjoy