PETALING JAYA: MClean Technologies Bhd
’s shareholders have approved the RM6.04mil acquisition of We Total Engineering Sdn Bhd’s plastic injection moulding business at an EGM yesterday.
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 balance sheet, enhancing its financial flexibility.
Shareholders also approved its private placement exercise to raise up to RM12.3mil via the issuance of up to 49.3 million new ordinary shares, representing approximately 25% of the company’s issued share capital.
MClean said the funds raised will primarily support the company’s growth initiatives, including the acquisition of the plastic injection moulding business and its working capital requirements.
Accrelist Crowdfunding Pte Ltd, a major shareholder in MClean, also agreed to subscribe to up to 25 million placement shares to support the company’s strategic direction.
