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NewsOCK in subscription accord with LTAT
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OCK in subscription accord with LTAT
by Cals Sat 03 Aug 2013, 22:33
Published: Saturday August 3, 2013 MYT 12:00:00 AM
Updated: Saturday August 3, 2013 MYT 8:53:10 AM
OCK in subscription accord with LTAT
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KUALA LUMPUR: OCK Group Bhd has entered into a subscription agreement with Lembaga Tabung Angkatan Tentera (LTAT) for the placement of 25.9 million shares, representing 10% of its issued and paid-up capital.
The placement shares have been fixed at an issue price of 47 sen per placement share, which represents a discount of approximately 9.75% to the five-day weighted average market price of OCK shares. “With the proceeds of RM12.17mil, the group intends to utilise the funds for its regional expansion plans and working capital,” it said in a statement.
Managing director Sam Ooi (pic) was quoted as saying that there would be many business opportunities going forward, especially in mechanical and engineering works, in particular with the Ministry of Defence.
“Having a strong shareholder like LTAT gives the group the leverage to further enhance its portfolio, as well as regional expansion,” he said.
In addition to the proposed private placement, the group has also received approval from the authorities for the issuance of an RM150mil sukuk. – Bernama
Updated: Saturday August 3, 2013 MYT 8:53:10 AM
OCK in subscription accord with LTAT
[You must be registered and logged in to see this image.]
KUALA LUMPUR: OCK Group Bhd has entered into a subscription agreement with Lembaga Tabung Angkatan Tentera (LTAT) for the placement of 25.9 million shares, representing 10% of its issued and paid-up capital.
The placement shares have been fixed at an issue price of 47 sen per placement share, which represents a discount of approximately 9.75% to the five-day weighted average market price of OCK shares. “With the proceeds of RM12.17mil, the group intends to utilise the funds for its regional expansion plans and working capital,” it said in a statement.
Managing director Sam Ooi (pic) was quoted as saying that there would be many business opportunities going forward, especially in mechanical and engineering works, in particular with the Ministry of Defence.
“Having a strong shareholder like LTAT gives the group the leverage to further enhance its portfolio, as well as regional expansion,” he said.
In addition to the proposed private placement, the group has also received approval from the authorities for the issuance of an RM150mil sukuk. – Bernama
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