Masteel gets extension for private placement exercise

PETALING JAYA: Malaysia Steel Works (KL) Bhd (Masteel) has been granted a six-month extension, until June 8, 2018, to complete its private placement exercise to raise up to RM23.96 million.
Masteel’s board of directors said in a Bursa Malaysia filing, the group has been granted the extension by the stock market regulator in a letter dated Dec 4.
The group announced its proposed private placement exercise, of up to 10% of the company’s total share capital, on May 25.
The bulk of the proceeds will be for the re-payment of its credit facilities amounting to RM23.78 million.
Masteel’s share price fell 6.345 to close at RM1.33 with some 18.45 million shares done.