KUALA LUMPUR (May 6): Matang Bhd plans to raise RM22.59 million via a proposed private placement of up to 217.2 million shares or 10% of its total issued shares at an issue price to be determined later. Of the expected proceeds, Matang said it has earmarked RM22.51 million to fund acquisitions — which include oil palm, durian plantations or additional land bank for the development of new oil palm or durian plantations. It noted that it had obtained approval for the proposed private placement from its shareholders at an annual general meeting held on Nov 24, 2021. Matang said that barring any unforeseen circumstances, the proposed private placement is expected to be completed by the third quarter of 2022. UOB Kay Hian Securities (M) Sdn Bhd has been appointed as the adviser and placement agent for the proposed private placement.

Source: The Edge Markets May 07, 2022 01:54 UTC