Acoustech plans private placement to fund potential acquisition

PETALING JAYA: Acoustech Bhd plans to undertake a proposed private placement of up to 10% of its issued share capital, to raise funds for potential acquisition and/or investment.
In a filing with Bursa Malaysia yesterday, the group said the proceeds from the proposed private placement would be used to finance any potential acquisition and/or investment in similar or other complementary businesses when the opportunity arises.
Based on 10% of the total number of issued shares, the issue size of the proposed private placement would be between 16.71 million shares (minimum scenario) and 17.78 million shares (maximum scenario).
The proposed private placement would be placed out to investors to be identified at issue prices to be determined at a later date. It may be implemented in one or more tranches, subject to market conditions and the timing of identification of placees.
Based on assumed issue price of 35 sen per placement share and issuance of up to 17.78 million placement shares, the proposed private placement would raise gross proceeds of up to RM6.22 million.
It is expected to be completed within six months from the date of approval from Bursa Securities.
TA Securities Holdings Bhd has been appointed as the adviser and placement agent in relation to the proposed private placement.