KUALA LUMPUR: Ipmuda Bhd is planning to dispose its industrial property in Petaling Jaya and sell new shares to investors, as the building material supplier seeks to raise funds for proposed purchase of a 30-bed hospital in KL, a solar farm in Kedah and small hydro energy projects in Sabah.
The total value of the targeted assets was RM192mil.
Ipmuda has proposed to pay for the acquisitions via combination of cash and new shares.
"The proposed acquisitions will enable the Company to transform itself into a renewable energy asset and healthcare asset owner and operator," Ipmuda said in a filing with Bursa Malaysia today.
To raise cash for the proposed diversification plan, Ipmuda said it will sell its industrial assets in Petaling Jaya to Kerjaya Prospek Property Bhd for RM82mil.
Ipmuda has allocated RM30.4mil to be returned back to shareholders as special dividend of 30 sen per share.
It has also set aside RM25mil to repay borrowings, RM11.3mil for working capital, RM7.25mil for expenses related to the disposal and the remaining RM6mil for the proposed acquisitions.
Ipmuda said it has proposed a bonus issue of 101 million new shares with 152 million detachable warrants, as well as 101 million new rights shares.
The rights shares will be priced at 30 sen each.
The RM30.4mil to be raised from the rights issue will be utilised for the proposed acquisitions.
The meanwhile the warrants' exercise price was set at 66 sen each.
Ipmuda on June 18 entered into five heads of agreements (HOA) with respective vendors to acquire the assets.
The preliminary deals valued the Ohana Specialist Hospital at RM18mil, the 5.99MW solar farm in Pokok Sena, Kedah at RM11mil and the hydro power assets in Tenom, Sabah at RM163mil.