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Brahim’s plans private placement to raise RM25.78m
by Cals Mon 09 Sep 2013, 21:02
Brahim’s plans private placement to raise RM25.78m
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Monday, 09 September 2013 18:41
KUALA LUMPUR (Sept 9): Brahim’s Holdings Berhad (BHB) has proposed to undertake a private placement of up to 21,480,500 placement shares to repay bank borrowings and to raise funds for its working capital.
In a statement to the stock exchange, the bonded warehousing, freight forwarding and transportation services provider said the proposed placement shares will represent up to 10% of the issued and paid-up share capital of the group.
BHB said the issue price would be determined and announced at a later date.
“The proposed private placement is expected to raise an estimated gross proceed of up to RM25.78 million based on the indicative issue price of RM1.20 per placement share,” said BHB.
“It will be utilised to repay bank borrowings and loan advances, fund working capital requirements and others.”
BHB said the proforma effects of the proposed private placement include a fall in gearing ratio to 0.2 times from 0.25 times.
But the group said the proposed private placement might dilute its earnings per share in the future even though it expects not to have any material effect on its consolidated earnings for the financial year ending Dec 31, 2013.
“Nevertheless, the proceeds are expected to contribute positively to the future earnings of the group,” said BHB.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Monday, 09 September 2013 18:41
KUALA LUMPUR (Sept 9): Brahim’s Holdings Berhad (BHB) has proposed to undertake a private placement of up to 21,480,500 placement shares to repay bank borrowings and to raise funds for its working capital.
In a statement to the stock exchange, the bonded warehousing, freight forwarding and transportation services provider said the proposed placement shares will represent up to 10% of the issued and paid-up share capital of the group.
BHB said the issue price would be determined and announced at a later date.
“The proposed private placement is expected to raise an estimated gross proceed of up to RM25.78 million based on the indicative issue price of RM1.20 per placement share,” said BHB.
“It will be utilised to repay bank borrowings and loan advances, fund working capital requirements and others.”
BHB said the proforma effects of the proposed private placement include a fall in gearing ratio to 0.2 times from 0.25 times.
But the group said the proposed private placement might dilute its earnings per share in the future even though it expects not to have any material effect on its consolidated earnings for the financial year ending Dec 31, 2013.
“Nevertheless, the proceeds are expected to contribute positively to the future earnings of the group,” said BHB.
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