Careplus Group plans 20% private placement to raise up to RM49.85mil

KUALA LUMPUR: Careplus Group Bhd has proposed to undertake a private placement of up to 114.6 million new shares or 20 per cent of the total number of issued Careplus shares to raise up to RM49.85 million, which will mainly be used to fund expansion plans for rubber gloves production and working capital purposes.

In a filing with Bursa Malaysia today, the company said it had sought the approval from its shareholders for the general mandate pursuant to Sections 75 and 76 of the Companies Act 2016, which authorised the board to issue new Careplus shares amounting to 20 per cent of the total number of issued shares of the company.