,KUALA LUMPUR: Minetech Resources Bhd has proposed multiple corporate exercises to fund business expansion and diversification as well as future business investment and/or acquisitions. The proposals include share capital reduction, private placement, rights issue of irredeemable convertible preference shares (ICPS), amendments to the constitution and proposed share issuance scheme (SIS). “The company’s proposed share capital reduction of RM90mil will see the corresponding credit arising from this reduction being used to reduce or eliminate accumulated losses,” Minetech said in a statement. The proposed share capital reduction will not result in any adjustment for the market price, however it enables the company to reward shareholders by dividend policy, it added. Following the share capital reduction, Minetech has proposed a private placement and ICPS on the basis of one ICPS for every two existing Shares. The proceeds of both proposed private placement and ICPS, will raise RM72.9mil to RM98mil, is intended for the development cost of a solar power plant, funding for proposed diversification into oil and gas (O&G), future business investment and/or acquisitions, expenditure of construction projects, expansion of the quarry and bituminous products divisions as well as repayment of borrowings. Executive chairman Pengiran Datuk Awang Daud Awang Putera said: “The proposed corporate exercise will assist us in improving our financial performance in the next financial year while at the same time, helps us by raising capital for our diversification into renewable energy and O&G), which are viable businesses that continue to see growing demand. We believe both industries can potentially contribute 25% or more to our net profit”.
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