PETALING JAYA: Sarawak Consolidated Industries Bhd
(SCIB) has proposed a private placement to raise gross proceeds of up to RM10.98mil for working capital, repayment of bank borrowings and estimated expenses for the proposed private placement.
The civil engineering specialist, in a statement, said under the maximum scenario in which all the company's 245.18 million outstanding warrants are exercised, the proposed private placement will entail the issuance of up to 82.72 million placement shares at an indicative price of RM0.1327 per placement share to raise gross proceeds of up to approximately RM10.98mil.
Under the minimum scenario, should none of the outstanding warrants be exercised, then gross proceeds raised will be RM7.72mil.
The proposed issuance represents not more than 10% of the issued shares as at the latest practicable date (LPD) of Dec 30, 2022, while the indicative price per share represents a discount of approximately 9.97% to the five-day volume weighted average market price of SCIB shares up to the LPD of RM0.1474.
“The proposed private placement may be implemented in several tranches within six months of approval from Bursa Securities Malaysia Bhd or any extended period approved by it until the conclusion of the next AGM,” SCIB.
