PETALING JAYA: Jentayu Sustainables Bhd is planning one other personal placement to boost as much as RM62.96 million to fund its pre-development expenditures for its Sabah hydropower mission, and new initiatives.
In a bourse submitting at this time, the sustainable vitality options supplier mentioned the location will contain the issuance of as much as 57.24 million shares, or 10% of its share base of 572.37 million shares, to third-party buyers to be recognized later, at a problem value to be decided.
This would be the second placement train for the group which raised RM11.1 million in July for its pre-development spending.
The July placement, introduced in June final yr, was initially deliberate to boost as a lot as RM47.07 million by inserting out as much as 142.63 million shares that represented no more than 30% of its issued shares on the time.
The newest personal placement is anticipated to boost as much as RM62.96 million based mostly on an illustrative problem value of RM1.22 per share, a ten% low cost to the five-day quantity weighted common market value of its shares.
Jentayu mentioned the proposed placement will facilitate the growth of the renewable vitality phase and healthcare phase of the group. “That is consistent with the purpose of diversifying (our) enterprise segments to enhance the monetary situation of the group.
“Moreover, it’ll grant the group higher flexibility and management over internally generated funds, lowering dependence on standard financial institution borrowings,” it mentioned.
The corporate, previously often called Ipmuda Bhd, mentioned RM26 million is to partially finance the group’s pre-development expenditures for mission Oriole, which entails the event of two hydropower crops in Sabah, alongside Sungai Maligan and Hulu Sungai Padas.
Jentayu mentioned the estimated mission value to develop these two hydropower crops is RM2.77 billion, which shall be funded by financial institution borrowings and/or different fundraising workout routines to be secured at a later date.
As at Dec 6, Jentayu had invested RM73.4 million for Oriole’s pre-development expenditures. It estimated that it might want to make investments a further RM26 million to finish the mission’s pre-development section.
Of the steadiness of the proceeds, it plans to make use of RM22.36 million for working capital and RM5.7 million for future viable investments in renewable energy-related initiatives.
One other RM5 million shall be used to defray estimated bills for its proposed acquisition of two hydropower crops in Tenom, Sabah, and one photo voltaic photovoltaic energy-generating facility in Pokok Sena, Kedah.
Jentayu has additionally earmarked RM1.6 million for the growth of its healthcare division, and put aside the remaining RM2.3 million for estimated bills referring to the personal placement.
The train, which requires the approval of Bursa Malaysia Securities and Jentayu’s shareholders, is anticipated to be accomplished by the second quarter of 2024.
Jentayu’s shares ended 1 sen or 0.82% decrease at RM1.21, valuing the group at RM508 million. The counter has gained 61% year-to-date.