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Serba Dinamik to undertake private placement

KUALA LUMPUR, April 23 -- Serba Dinamik Holdings Bhd has proposed for a private placement of its shares to raise up to RM580.09 million for its working capital and to reduce part of its existing loans.

In a filing with Bursa Malaysia, the group said the exercise will give it financial flexibility to fund future expansion plans and growth strategy, should the opportunity arise.

It will also help to the group to attract more local and international institutional investors, thereby enlarging Serba Dinamik ’s shareholders’ base and potentially enhancing the liquidity of its shares.

The proposed private placement entails the issuance of up to 394.62 million new shares, representing up to 10 per cent of Serba Dinamik ’s total issued ordinary shares.

Based on the illustrative issue price of RM1.47 per placement share, it said the exercise will raise gross proceeds of RM450.57 million and RM580.09 million under the minimum and maximum scenario, respectively.

The engineering services company expects the exercise to be completed by the second quarter of 2020.

-- BERNAMA

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