Ingenuity Consolidated aborts private placement

by **Cals** Sun 18 Oct 2015, 17:11

Ingenuity Consolidated aborts private placement

By Meena Lakshana / theedgemarkets.com | October 16, 2015 : 11:20 PM MYT

KUALA LUMPUR (Oct 16): [size=16]Ingenuity Consolidated Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 0.95) has aborted its plan to implement a private placement exercise that would have involved placing out 119.95 million new shares or 10% of its issued capital to raise between RM7.54 million and RM12 million.

In a filing with Bursa Malaysia today, Ingenuity said it has decided to withdraw its application to Bursa Securities ([You must be registered and logged in to see this image.]Valuation: 1.70, Fundamental: 2.30) on Sept 17 for a further extension of time of one month from Sept 19 to Oct 18 for it to complete the implementation of its private placement.

"As such, the private placement will not be implemented and shall be deemed lapsed," it added.

Bursa Malaysia had earlier granted the company a one-month extension from Feb 19 this year to March 18 to complete the implementation of the exercise and later, a six-month extension from March 19 to Sept 18 to complete the exercise.

Ingenuity had proposed the private placement on July 23, 2014. It had proposed to use the proceeds for the purchase of motor vehicles, setting up of a branch office and warehouse, implementation of delivery management system, staff costs and other operating expenditure.

Ingenuity (fundamental: 0.95; valuation: 0.9) shares closed unchanged at 6.5 sen today, bringing a market capitalisation of RM62 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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