KUALA LUMPUR: Econpile Holdings Bhd has raised RM41.2 million in proceeds via a private placement exercise involving the issuance of 80 million new shares at an issue price of RM0.515 per share. In a statement today, the piling and foundation specialist said the new shares would be listed on the Main Market of Bursa Malaysia Securities Bhd tomorrow. It said the issuance of placement shares to institutional investors represented six per cent of the group’s existing total number of issued shares of 1.34 billion, increasing its enlarged number of issued ordinary shares to 1.42 billion. Executive director/group Chief executive officer Raymond Pang said Econpile has the shareholders’ mandate to issue up to 10 per cent of new shares of the group’s total share base but only issued six per cent just to raise a requisite amount to fund its working capital and for partial repayment of banker’s acceptance. "As a matter of fact, the private placement of 80 million shares was oversubscribed, underscoring the strong confidence in the group to stay resilient in the construction sector even in this challenging landscape,” he said.With the proceeds, he said the group’s proforma net gearing will be pared down from 0.17 times to 0.06 times as at Sept 30, 2020, well within the group’s comfortable level. - Bernama
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