MClean Technologies Berhad announce that it has obtained Bursa Malaysia Securities' approval for the listing and quotation of up to 49,300,000 Placement Shares to be issued as its proposed Private Placement.
The group said the proposed Private Placement is part of a series of strategic corporate proposals aimed at solidifying its financial position, diversifying its revenue stream and driving growth. The group announced back in October 2024 the corporate proposals encompass the Proposed Private Placement, the Proposed Acquisition of a plastic injection moulding business, the Proposed Diversification into the plastic injection business and the Proposed Share Capital Reduction, which are subject to shareholders' approval at an extraordinary general meeting to be held in due course.
The Proposed Private Placement involves the issuance of up to 49.3 million new ordinary shares, which is set to raise up to RM12.3 million for the Company. The funds raised is to support the Proposed Acquisition of We Total Engineering Sdn. Bhd.'s plastic injection moulding business at its net book value of RM6.04 million and to provide working capital to support the newly acquired business.
MClean Group seeks to broaden its revenue sources and service range, accessing new growth avenues in key sectors including electrical and electronics ("E&E"), automotive, oil and gas, and medical devices with this acquisition.
