ManagePay Methods Bhd (MPAY) is planning a non-public placement to boost RM13.8 million, equal to 10% of its issued shares or 98.2 million placement shares.
The corporate intends to make use of these funds for investments in appropriate or complementary companies and property, which might embody alternatives in e-commerce and cost companies, amongst others.
MPAY additionally plans to increase its white label e-money and e-payment ecosystem, providing a spread of companies to companies and people.
The illustrative concern worth for the location shares is anticipated to be 14.1 sen per share, not exceeding a ten% low cost to the quantity weighted common market worth of MPAY shares for the 5 market days previous the value fixing date.
The position shares might be supplied to third-party buyers, and the corporate goals to utilise RM6.9 million to RM8.4 million of the proceeds for investments in appropriate companies over the subsequent 24 months.
Moreover, they plan to allocate RM4 million for the growth of their e-money and e-payment ecosystem inside the subsequent 12 months.
The remaining funds might be used for working capital and to cowl estimated bills from the train.
The position supplies a possibility for MPAY to boost funds with out incurring curiosity prices or principal compensation for financial institution borrowings, which is able to strengthen their monetary place and improve money circulate and liquidity.
Topic to approvals, the location is anticipated to be accomplished by the primary quarter of 2024. –TMR
