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KUALA LUMPUR, Malaysia (July 5): Mi Technovation Bhd, which primarily deals in semiconductor equipment, has proposed a private placement of up to 10% of its share capital to fund up to RM270.68 million in order to develop the group’s business.
According to MI Technovation’s market filing today, the placement will comprise the issuing of up to 82.025 million placement shares to third party investors to be identified at an issue price to be set.
The estimated gross profits are calculated using a hypothetical issue price of RM3.30 per placement share. Mi Technovation plans to utilize RM187 million of the total to develop the company’s operations, RM15 million to repay bank loans, and RM64.18 million for working capital.
The group’s total borrowings were RM113.6 million as of June 25.
Mi Technovation’s stock increased 21 sen today, or 5.98 percent, to RM3.72, valuing the company at RM3.05 billion.
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