KUALA LUMPUR: MClean Technologies Bhd
’s shareholders have approved the acquisition of We Total Engineering Sdn Bhd’s plastic injection moulding business at a consideration of RM6.04mil at its extraordinary general meeting (EGM) held today.
In a statement, the precision cleaning and surface treatment solutions provider said shareholders also approved a share capital reduction of RM35mil, which will be used to offset accumulated losses and strengthen the company’s balance sheet, enhancing its financial flexibility.
Shareholders also approved the private placement exercise via the issuance of up to 49.3 million new ordinary shares, representing approximately 25% of MClean’s issued share capital, to raise up to RM12.3mil.
MClean said the funds raised will primarily support the company’s growth initiatives, including the acquisition of a plastic injection moulding business and its working capital requirements.
Accrelist Crowdfunding Pte Ltd (Accrelist), a major shareholder in MClean, is also approved to subscribe up to 25 million of these placement shares, to facilitate its support in the company’s strategic direction where necessary.
“The approval of these resolutions marks a pivotal step forward for MClean. The acquisition of We Total’s plastic injection moulding business and our diversification into this growing sector align with our vision to create sustainable, long-term value for our shareholders.
“These initiatives, supported by the private placement and share capital reduction, will strengthen our financial foundation, broaden our service offerings, and unlock new growth opportunities in high-demand industries,” executive chairman and executive director Datuk Dr. Terence Tea Yeok Kian said in a statement.
