KUALA LUMPUR: MN Holdings Bhd (MNHB) plans to lift RM17.2mil from its itemizing on the ACE Market of Bursa Malaysia for enterprise enlargement.
The underground utilities and substation engineering specialist stated of the proceeds, RM5.84mil will go in direction of buying equipment and tools, RM4.3mil for common working capital and the rest to repay financial institution borrowings and canopy the itemizing bills.
“At present, our Group funds common working capital via a mixture of internally generated funds and exterior financing reminiscent of financial institution borrowings.
“The allocation of proceeds for our common working capital necessities will cut back our dependency on exterior financing and permit us to undertake extra tasks concurrently,” stated MNHB managing director Loy Siong Hay in an announcement.
MNHB is issuing 81.75 million new shares representing about 20% of its enlarged share capital at a problem value of 21 sen per share.
Of the issuance, 20.44 million shares or 5% will probably be made out there to the Malaysian public, 2% for eligible administrators and staff, 12.5% for personal placement to Bumiputera buyers and 0.5% to chose buyers.
There may even be a suggestion of sale for 40.88 million shares to chose buyers by means of personal placement.
Based mostly on the enlarged share capital of 408.75 million shares, MNHB is anticipated to have a market capitalization of RM85.84mil.
MNHB had an order guide of about RM172.2mil as at March 9, comprising RM135.4mil from the underground utilities engineering providers and options section and RM36.8mil from the substation engineering providers and options section.
“This order guide will probably be acknowledged progressively over the following one to 4 monetary years primarily based on the anticipated progress of every mission,” stated Loy.
The corporate is an unique associate to Tenaga Nasional Bhd-approved contractors Rental Segar Sdn Bhd and Impiana Mahir Sdn Bhd.
As at March 9, MNHB had accomplished 375 contracts with a cumulative worth of RM261mil within the underground utilities and substation engineering providers and options segments.