PETALING JAYA: Packaging specialist Tomypak Holdings Bhd
is proposing to undertake a private placement of up to 43.1 million new shares, or up to 10% of the company’s total issued shares, to raise funds for working capital.
M&A Securities Sdn Bhd said on behalf of the company that the issue price of the placement shares would be determined and fixed at a later date.
It said based on an indicative price of 20 sen per issue share, the exercise would raise RM8.6mil.
M&A Securities noted that the working capital requirements include repayment of trade payables for the purchase of raw materials, factory overheads, staff related expenses and other statutory contributions and payments.
It said the board of directors decided on the private placement as the more cost- effective fundraising option. Tomypak shares closed unchanged at 14 sen.
