PETALING JAYA: Steel Hawk Bhd
has proposed a special issue of up to 70 million new shares to Bumiputera investors at an issue price to be determined later.
In a filing with Bursa Malaysia, Steel Hawk noted the buyers will be approved by the Ministry of Investment Trade and Industry and the corporate exercise will help the company comply with Bumiputera equity conditions.
The 70 million new shares represent 14.29% of the oil and gas service provider’s existing share capital or 12.5% of the enlarged share capital of the company.
As at Sep 3 the issued share capital of Steel Hawk is RM20.2mil comprising 490 million shares. The money raised will be utilised to repay bank borrowings and general working capital.
