Serba Dinamik to raise RM433.88 million via private placement

PETALING JAYA: Serba Dinamik Holdings Bhd proposes to undertake a private placement to raise RM433.88 million.
It told Bursa Malaysia that the proposed private placement entails the issuance of up to 133.5 million new shares representing up to 10% of its total number of issued shares of 1.34 billion as at January 3, 2018.
Proceeds raised will be used for the development of Pengerang eco-Industrial Park, Pengerang International Commercial Centre and working capital for the Tazania project.
Serba Dinamik said the proposed private placement is currently the most appropriate avenue to raise funds as it can be implemented immediately and it will serve as additional source of funding for the group without incurring additional interest expenses.
The group added that the exercise will improve its liquidity and financial flexibility by strengthening its financial position.
The proposed private placement is expected to be completed in the first quarter of 2018.
At the midday break, Serba Dinamik shares fell 5 sen or 1.4% to RM3.44 on some 1.65 million shares done.