KUALA LUMPUR: Out-of-home (OOH) media company Seni Jaya Corp Bhd
’s shareholders have approved the company’s proposed acquisitions of Unilink Outdoor Sdn Bhd and Vision OOH Sdn Bhd for a total of RM57.85mil.
Seni Jaya said the approval was obtained at the company’s EGM. Seni Jaya said the acquisition of Unilink for RM39.5mil will be satisfied via RM11.85mil in cash and RM27.65mil through the issuance of 87.5 million new shares at an issue price of 31.6 sen per share.
The acquisition of Vision OOH, valued at RM18.35mil, will be fully satisfied through the issuance of 58.07 million new shares at the same issue price.
In total, 145.57 million new shares will be issued as consideration for both acquisitions, Seni Jaya said in a statement.
“The equity-based structure aligns the vendors directly with the long-term performance of the enlarged group while preserving cash resources and maintaining financial flexibility,” it added.
Seni Jaya also said shareholders approved a proposed private placement of up to 64.06 million new shares, representing up to 30% of its existing issued share capital, to independent third-party investors to be identified later.
The issue price for the placement shares will be determined at a discount of not more than 20% to the five-day volume-weighted average market price before the price-fixing date.
Proceeds from the private placement will be used to fund the cash portion of the Unilink acquisition, support working capital requirements, finance office renovation, and defray related expenses, according to the company. — Bernama
