Malayan Cement Bhd to repay borrowings with share placement
16 April 2021
Malayan Cement Bhd is expected to raise MYR226.95m (US$55m) mainly to repay bank borrowings via a proposed placement of up to 85m shares, representing 10 per cent of the company's issued shares as of 14 April 2021. The total fund is based on the illustrative issue price of MYR2.67 per placement share, said Malayan Cement.
Malayan Cement said MYR53.93m out of the total proceeds would be used for working capital, MYR170m will be used to repay bank borrowings, and MYR3m to defray estimated expenses relating to the proposed placement.