KUCHING: PMB Technology Bhd (PMBT) has completed its rights issue, which raised about RM309.5 million.
Under the fund raising exercise, about 243.7 million new ordinary shares were issued, and these rights shares were listed and quoted on Bursa Malaysia Main Board on November 22, PMBT said in a filing with the local bourse.
The rights shares were priced at RM1.27 each and issued on the basis of three rights shares for every 20 existing shares. The rights issue was oversubscribed by 12.45 per cent.
PMBT shares closed at RM1.77 last Friday.
PMBT’s major shareholder Press Metal Aluminium Holdings Bhd has subscribed for 56,612,772 rights shares, and its current shareholdings is 434,031,257 shares (23.23%).
The proceeds from the rights issue will be utilised for the repayment of bank borrowings within six months, according to PMBT’s chief executive officer Datuk Koon Poh Ming.
As of October 3, 2024, PMBT group had total bank borrowings of RM949.4 million. About RM210 million of the borrowings were used to finance the expansion of the company’s Phase 3 metallic silicon plant project in Samalaju Industrial Park, Bintulu.
The Phase 3 facility, which has a production capacity of 36,000 tonnes per annum, is currently under testing and commissioning, and expected to be in commercial production by next month. This will bring the plant’s total capacity to 108,000 tonnes per annum.
