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Kuantan Flour Mills proposes private placement
by Cals Thu 20 Mar 2014, 18:59
| Kuantan Flour Mills proposes private placement |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Thursday, 20 March 2014 10:30 |
KUALA LUMPUR: Kuantan Flour Mills Bhd (KFM) has proposed a private placement of up to 6.5 million new shares in the company. The placement shares account for 10% of its issued and paid-up share capital.
In a filing with Bursa Malaysia yesterday, KFM said it plans to place out the shares to third-party investors. The issue price will be identified at a later date.
KFM said after taking into account the full exercise of KFM’s existing warrants, the company expects to issue up to 8.9 million new shares under the private placement.
KFM said the proposed placement would lead to a dilution in the consolidated earnings per share of KFM as a result of the increase in the number of KFM shares upon completion of the exercise.
However, the private placement is not expected to have any material effect on the consolidated earnings of KFM for the financial year ending March 31, 2014.
KFM said the placement proceeds would finance working capital for its flour milling and trading operations. The proceeds are also expected to strengthen the company shareholders’ funds.
The private placement is expected to be completed by the end of the first quarter.
This article first appeared in The Edge Financial Daily, on March 20, 2014.
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