KUALA LUMPUR (Jan 12): ACE Market-listed Genetec Technology Bhd has proposed to undertake a private placement of up to 10% of the company’s total share base to raise as much as RM154.8 million to fund the expansion of its manufacturing facilities and working capital requirements. Of the proceeds, Genetec has earmarked RM94 million towards the expansion of manufacturing facilities, ring-fenced another RM57.8 million for working capital requirements, while the remaining RM3 million is allocated to defray the estimated expenses related to the private placement. Genetec noted that the private placement is subject to Bursa Securities’ approval, and expects to submit its application to the bourse regulator within two months' time. “Barring any unforeseen circumstances and subject to all the approvals/consents being obtained, the proposed private placement is expected to be completed by [the] first half of 2023,” it added. Shares in Genetec closed five sen or 2.1% higher at RM2.43, giving the company a market capitalisation of RM1.66 billion.

Source: The Edge Markets January 13, 2023 00:55 UTC