Pestech in corporate exercise

PETALING JAYA: Pestech International Bhd has proposed to undertake a restricted issue of 1.33 billion new shares to Dhaya Maju Infrastructure (Asia) Sdn Bhd at an issue price of 12 sen a share, raising RM160mil in the process.

In a filing with Bursa Malaysia, Pestech noted Dhaya Maju is jointly owned by Datuk Seri Dr Subramaniam Pillai with a 37.5% stake, Datuk Mohamed Razeek Md Hussain Maricar (21%), Siti Saffur Mansor (17.5%), Nazreen Ahmad (15%) and Datuk Shaharuddin Md Som (9%).

The restricted issue equals 57.52% of Pestech’s enlarged total number of issued shares post-completion of the subscription by Dhaya Maju.

Hence, the subscriber and persons acting in concert intend to seek an exemption from the Securities Commission from having to undertake a mandatory takeover offer for the remaining shares and outstanding warrants in the company.

Pestech will undertake a capitalisation of the deposit of RM16mil paid by the subscriber for the proposed restricted issue, via the issuance of 133.33 million new shares at an issue price of 12 sen per capitalisation share if the restricted issue does not happen.