KUALA LUMPUR: PMB Technology Bhd
has proposed to raise about RM300mil via a rights issue, subject to its final issue price and basis of entitlement.
The group, which is involved in metallic silicon and aluminium manufacturing, construction and fabrications, said the quantum of proceeds to be raised will be finalised and announced later.
As at July 26, 2024, PMB Technology has issued 1.62 billion shares, including 25.2 million treasury shares.
“The company intends to retain the treasury shares and will not divest or distribute the treasury shares before the entitlement date,” PMB Technology said in a filing with Bursa Malaysia.
The company has proposed to use proceeds from the exercise to repay bank borrowings and defray expenses incurred.
It added that the rights issue will strengthen its financial position and reduce its gearing. — Bernama
