KUALA LUMPUR: Mclean Technologies Bhd plans to raise RM8 million from its listing exercise which involves the public issue of 15.4 million new shares at an offer price of 52 sen each.
Mclean, which is a precision cleaning service provider for hard disk drives (HDDs) in Singapore, said on Thursday, April 21 that the public issue of the new shares would include 7.70 million free new warrants.
Of the 15.4 million new shares, Mclean said 2.70 million new shares, together with 1.35 million free new warrants would be offered to the public.
It said 8.60 million new shares, together with 4.30 million free new warrants would be placed out while the remaining 4.10 million new shares, together with 2.050 million free new warrants would be offered to the business associates of MClean.
Mclean is seeking to list on the ACE Market of Bursa Malaysia Securities Bhd and the tentative listing date is May 10.
Speaking at the release of its prospectus, Mclean executive chairman Jason Yeo said the RM8 million to be raised from the listing exercise would be used for capital expenditure and working capital purposes, as well as to defray expenses related to the listing.
Yeo added the flotation exercise showed the company's aggressiveness to generate more capital and resources to ensure the growth momentum continues.
'This shows that our company is ready and poised to exceed expectations. The proceeds raised from the IPO to be utilised for capital expenditure and working capital purposes are expected to drive our future growth,' he said.
Mclean, which is a precision cleaning service provider for hard disk drives (HDDs) in Singapore, said on Thursday, April 21 that the public issue of the new shares would include 7.70 million free new warrants.
Of the 15.4 million new shares, Mclean said 2.70 million new shares, together with 1.35 million free new warrants would be offered to the public.
It said 8.60 million new shares, together with 4.30 million free new warrants would be placed out while the remaining 4.10 million new shares, together with 2.050 million free new warrants would be offered to the business associates of MClean.
Mclean is seeking to list on the ACE Market of Bursa Malaysia Securities Bhd and the tentative listing date is May 10.
Speaking at the release of its prospectus, Mclean executive chairman Jason Yeo said the RM8 million to be raised from the listing exercise would be used for capital expenditure and working capital purposes, as well as to defray expenses related to the listing.
Yeo added the flotation exercise showed the company's aggressiveness to generate more capital and resources to ensure the growth momentum continues.
'This shows that our company is ready and poised to exceed expectations. The proceeds raised from the IPO to be utilised for capital expenditure and working capital purposes are expected to drive our future growth,' he said.
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