PETALING JAYA: Seacera Group Bhd proposes to issue 149.09 million settlement shares at an issue price of 21 sen per share to settle its debt amounting to RM31.31 million.
Seacera told Bursa Malaysia that the group and its affected subsidiaries had entered into 28 separate conditional debt settlement agreements with certain of its creditors for the settlement exercise.
Seacera said the amount owed to its settlement creditors is RM31.38 million with some giving discount totalling RM70,000.
“The proposed capitalisation will improve the financial position of the group and place it on a stronger financial footing and working capital position,” it noted.
Seacera has also proposed a private placement of up to 30% of its existing issued share capital to raise gross proceeds of up to RM24.64 million, of which up to RM20 million will be used to reduce the bank borrowings and RM4.14 million to finance the group’s day-to-day operations for its working capital purposes.
The placement shares are proposed to be placed to independent third-party investors to be identified at a later date.
“The earnings per share of the group will be correspondingly diluted as a result of the increase in the number of Seacera shares in issue,“ Seacera said.
The stock declined 1 sen or 4% to close at 24 sen today.
