KUALA LUMPUR (April 9): Menang Corp Bhd is adventure a clandestine adjustment to accession RM21.4 actor in adjustment to accord some of its debts.
In a bourse filing, the aggregation appear that it would be agreement 48.08 actor shares or 10% of its allotment basic to third affair investors at an apocalyptic arising bulk of 44.5 sen.
Menang Corp appear that it affairs to use RM21.3 actor of the gain to abate borrowings totalling RM557.18 actor as of Dec 31, 2020.
Specifically, it will be application the beginning funds from the adjustment to partially abode its acclaim ability with OSK Basic Sdn Bhd, which has an outstanding bulk of RM39.998 million, as of March 31. The able absorption amount for the ability during its banking year concluded June 30, 2020 (FY20) was 10%.
“The claim of borrowing of RM21.3 actor is accepted to aftereffect in an estimated extenuative in absorption acquittal of about RM2.13 actor per annum based on an absorption amount of 10% per annum,” it added.
As a aftereffect of the placement, the group’s absolute allotment basic would angle at 528.88 actor shares. Its absolute borrowings would additionally abatement RM562.8 million. Its gearing arrangement would additionally abatement to 1.64 times, from 1.81 times as of FY20.
In addition, Menang Corp is additionally exploring added disinterestedness armamentarium adopting proposals to added abate the Group’s borrowings and to strengthen its banking position and advance its gearing ratio.
Menang Corp intends to advance its acclaim appraisement and debt accommodation which in about-face will accommodate the Group with banking adaptability in the accident the Group intends to antecedent for added funds and/or accessory up for its approaching acreage development back the acreage bazaar improves,” it noted.
Malacca Securities is the adviser and the adjustment abettor to the Aggregation for the placement.
Shares in Menang went up 1.5 sen to 51.5 sen today, account it at RM247.61 million.
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