MClean Technologies Bhd executive chairman and executive director Datuk Dr Terence Tea Yeok Kian.
KUALA LUMPUR: MClean Technologies Bhd
has completed its private placement, issuing 49 million new shares at RM0.27 each, representing about 25% of the company’s total issued shares, excluding treasury shares.
In a statement, the provider of precision cleaning and surface treatment solutions said the private placement exercise raised a total of RM13.2mil, which will be used mainly to fund the acquisition of We Total Engineering Sdn Bhd’s (WTE) plastic business and as working capital of the plastic business.
Following the completion of this private placement, MClean’s total issued shares has increased to 246.2 million shares, with an issued share capital of RM64.2mil.
“The funds raised will be instrumental in driving our expansion plans, particularly the acquisition of WTE’s plastic business, which aligns with our diversification strategy,” executive chairman and executive director Datuk Dr Terence Tea Yeok Kian said.
MClean closed down 1.5 sen to 32 sen, giving it a market capitalisation of RM63.1mil.
