Eonmetall Plans Placement to Raise RM8.64 Mil for Working Capital
KUALA LUMPUR (Sept 24): Steel products manufacturer Eonmetall Group Bhd (KL:EMETALL) is looking to raise RM8.64 million by placing out up to 10% of its share base to fund its working capital.
The group plans to issue up to 27.7 million shares to independent third parties at an issue price to be determined, according to the group’s bourse filing on Tuesday.
Based on an indicative issue price of 31.18 sen per share, a 9.99% discount to the five-day volume-weighted average market price up to and including Sept 19 of 34.64 sen per share, the exercise is expected to raise RM8.64 million.
Among its working capital spending is the purchase of raw materials such as coils, coating powder and other manufacturing supplies, and operating and administrative expenses.
The private placement, with Interpac as the principal adviser and placement agent, is expected to be completed by the fourth quarter of 2024.
Eonmetall's share price slipped 1.5 sen or 4.3% to close at 33 sen on Tuesday, bringing the group a market capitalisation of RM92 million.
Source: TheEdge - 25 Sep 2024
The group plans to issue up to 27.7 million shares to independent third parties at an issue price to be determined, according to the group’s bourse filing on Tuesday.
Based on an indicative issue price of 31.18 sen per share, a 9.99% discount to the five-day volume-weighted average market price up to and including Sept 19 of 34.64 sen per share, the exercise is expected to raise RM8.64 million.
Among its working capital spending is the purchase of raw materials such as coils, coating powder and other manufacturing supplies, and operating and administrative expenses.
The private placement, with Interpac as the principal adviser and placement agent, is expected to be completed by the fourth quarter of 2024.
Eonmetall's share price slipped 1.5 sen or 4.3% to close at 33 sen on Tuesday, bringing the group a market capitalisation of RM92 million.
Source: TheEdge - 25 Sep 2024
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
