04 Aug 2021 165,600 Acquired Direct Interest Name of registered holder Amsec Nominees (Tempatan) Sdn Bhd - Ambank (M) Berhad - Choy Sen @ Chin Kim Sang (SMART) Description of "Others" Type of Transaction - 2 06 Aug 2021 300,000 Acquired Direct Interest Name of registered holder Amsec Nominees (Tempatan) Sdn Bhd - Ambank (M) Berhad - Choy Sen @ Chin Kim Sang (SMART) Description of "Others" Type of Transaction -
“The company’s proposed share capital reduction of RM90mil will see the
corresponding credit arising from this reduction being used to reduce or eliminate accumulated losses,” Minetech said in a statement.
The proposed share capital reduction will not result in any adjustment for the market price, however it enables the company to reward shareholders by dividend policy, it added.
Following the share capital reduction, Minetech has proposed a private placement and ICPS on the basis of one ICPS for every two existing Shares.
The proceeds of both proposed private placement and ICPS, will raise RM72.9mil to RM98mil, is intended for the development cost of a solar power
plant, funding for proposed diversification into oil and gas (O&G), future business investment and/or acquisitions, expenditure of construction projects, expansion of the quarry and bituminous products divisions as well as repayment of borrowings.
Executive chairman Pengiran Datuk Awang Daud Awang Putera said: “The proposed corporate exercise will assist us in improving our financial
performance in the next financial year while at the same time, helps us by raising capital for our diversification into renewable energy and O&G), which are viable businesses that continue to see growing demand. We believe both industries can potentially contribute 25% or more to our net profit”.
TAGS / KEYWORDS: Minetech , Share Capital Reduction