DNeX plans placement to raise RM642mil


The group said in a filing with Bursa Malaysia that the majority of the proceeds is intended for its future viable investments which include the financing of the proposed acquisition of Silterra from Khazanah Nasional Bhd, either in whole or in part, subject to the successful procurement of placees and implementation of the placement prior to completion of the acquisition.

PETALING JAYA: Dagang Nexchange Bhd (DNeX) has proposed a private placement to raise RM641.96mil for its future viable investments.

The group is planning to place 891.61 million new shares to raise the amount, based on an indicative issue price of 72 sen.

The group said in a filing with Bursa Malaysia that the majority of the proceeds is intended for its future viable investments which include the financing of the proposed acquisition of Silterra from Khazanah Nasional Bhd, either in whole or in part, subject to the successful procurement of placees and implementation of the placement prior to completion of the acquisition.

On March 31, DNeX and its strategic partner Beijing CGP Investment Co Ltd entered into a share sale and purchase agreement (SSPA) with Khazanah for the proposed acquisition.

DNeX’s and CGP Fund’s acquisition portion shall be 60% and 40%, respectively. The purchase consideration attributable to DNeX’s 60% interest shall amount to RM163.8mil.

The board said the proposed acquisition is expected to augur well for the growth prospects of DNeX, moving forward.

Up to RM20mil from the placement is intended to fund its immediate working capital requirements.

DNeX said such proceeds will enable it to retain an adequate cash level and flexibility in respect of financial allocations for its operational requirements and short-term obligations and liabilities, which in turn may enable DNeX to carry out its day-to-day operations in a more efficient and timely manner.

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DNex , Dagang NeXchange , placement , raise funds ,

   

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