HeiTech Padu proposes private placement to raise RM22.98mil for working capital

KUALA LUMPUR: Heitech Padu Bhd has proposed a private placement of 10.12 million new ordinary shares, raising gross proceeds of RM22.98 million, which will be utilised for working capital.

The issuance of new ordinary shares is representing 10 per cent of the total number of issued shares of the company and the placement shares will be placed to third-party investors to be identified later.

"These proceeds shall mainly be utilised for staff salaries, employers’ statutory contributions, payment to suppliers and creditor, office administrative expenses, utilities expenses and overhead expenses,” it said in a filing with Bursa Malaysia today.

In an earlier Bursa Malaysia filing, HeiTech Padu said it had bagged a contract from the Road Transport Department (JPJ) worth RM190.01 million on April 15.

The tender is for the maintenance and technical support services for the information and communications technology infrastructure and MySikap system in all JPJ offices.

The contract is for a period of 36 months commencing from May 1, 2024 to April 30, 2027. - Bernama

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