YB Ventures Plans Private Placement to Raise Up to RM 145.9 Million | Money
KUALA LUMPUR, October 11 – Tile maker and information technology (IT) company YB Ventures Bhd has offered a private placement of up to 20 percent of its total number of issued shares to raise between RM21.1 million and RM145.9 million.
In a filing filed with Bursa Malaysia today, the company said the proposed private placement will consist of installing a rooftop solar photovoltaic (PV) system at its factory and warehouse in Kulai, Johor Baru, a viable future investment. and working capital.
The private placement is expected to be placed with third party investors at an issue price to be set at a later date, he added.
According to the group, the investment shares would be issued at a price no more than 10 percent off the five-day volume weighted average (VWAP) price of YB Ventures shares immediately preceding the pricing date.
For illustrative purposes, he said that the indicative issue price of placement shares is assumed to be 43.7s 20, 2021) of 48.52 sen per share.
In a separate statement, executive director Datuk Au Yee Boon said the proposed private placement exercise would allow the group to raise additional funds without incurring interest charges compared to conventional bank loans.
Additionally, he said it would provide the group with a quick fundraising alternative in the capital market as opposed to other forms of fundraising, and increase the size and strength of the company’s shareholders’ funds.
“We remain optimistic about the group’s future prospects as Malaysia resumes interstate and overseas travel from today.
“Towards the fourth quarter of 2021, we saw pent-up demand for properties, an effective vaccine rollout program and low interest rates, all of which should strengthen businesses that have been affected since last year,” a- he said, adding that he was optimistic that the real estate, construction and building materials sectors are set to rebound, alongside the positive economic growth expected for 2022. – Bernama