KUALA LUMPUR: TECHNOLOGY [] incubator Asia Bioenergy Technologies Bhd has proposed a private placement of up to 118 million shares of 10 sen each, representing up to 30% of the enlarged paid-up capital, to third-party investors to be identified and at an issue price to be determined later.
In a statement on Sept 2, Asia Bioenergy said the placement may be done in tranches depending on the prevailing market conditions and interest from the investors.
It said the issue price would be based on the weighted average market price for the five market days immediately prior to the price fixing date, with a discount of not more than 10%.
It proposes to use the proceeds for its core business in technology incubation programme, which involves investing in, nurturing and assisting its incubatees in the market place.
In a statement on Sept 2, Asia Bioenergy said the placement may be done in tranches depending on the prevailing market conditions and interest from the investors.
It said the issue price would be based on the weighted average market price for the five market days immediately prior to the price fixing date, with a discount of not more than 10%.
It proposes to use the proceeds for its core business in technology incubation programme, which involves investing in, nurturing and assisting its incubatees in the market place.
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