Minetech to raise up to RM98mil

Minetech said in a statement, the proposed share capital reduction of RM90mil would see the corresponding credit arising from the reduction being used to reduce or eliminate accumulated losses.

PETALING JAYA: Minetech Resources Bhd has proposed multiple corporate exercises to raise between RM72.9mil and RM98mil to finance its business expansion and diversification as well as future business investment and/or acquisitions.

The proposals include share capital reduction, private placement, rights issue of irredeemable convertible preference shares (ICPS), amendments to the constitution and proposed share issuance scheme.