MClean raises RM13mil via private placement


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.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

MARC Ratings places Zetrix AI’s IMTN rating on watch amid shareholding, debt concerns
ES Sunlogy wins RM15.63mil electrical services contract in Johor
Malaysia-China Business Council chairman attends China-Asean Expo events
JcbNext sells 2.56% stake in Taiwan’s 104 Corp for RM22.62mil
Capital A moves to restructure Move Digital, exit BigPay stake
TSR Capital secures RM158mil construction contract in Selangor
Ringgit ends higher vs US dollar on easing oil supply concerns
EcoWorld secures S$208.1mil Singapore land for maiden development
Zetrix AI delays cash dividend payment after court injunction
Coal price hike has direct impact on cost of generating electricity

Others Also Read