PETALING JAYA: MClean Technologies Bhd
is proposing a 25% private placement, acquisition of a plastic injection moulding business and diversification into the plastic injection moulding business, together with a proposed share capital reduction.
In a statement, the precision cleaning and surface treatment solutions provider said it is acquiring the plastic injection moulding business from We Total Engineering Sdn Bhd for a net book value of RM6.04mil.
“The proposed acquisition and the diversification represent a strategic move by MClean Group to enhance its revenue streams, diversify its service offerings while gaining access to We Total’s well-established customer base in key industries such as electrical and electronic, automotive, oil and gas, and medical devices.”
Additionally, MClean said it plans to issue up to 49.3 million new shares via private placement to potential investors, representing 25% of its issued share capital.
“To facilitate the potential support from its major shareholder, Accrelist Crowdfunding Pte Ltd, the company is also seeking shareholders’ approval to allocate up to 25 million of these placement shares to it.
“The private placement is expected to raise up to RM12.3mil, which will primarily be used to fund the acquisition and support the company’s working capital requirements for the plastic injection moulding business.”
MClean is also proposing a share capital reduction of RM35mil, which will enable the group to rationalise its financial positions by eliminating accumulated losses and appropriately reflect the value of its underlying assets and financial position.
