Mikro MSC's placement share price fixed at 35.5 sen

by **Cals** Thu 10 Dec 2015, 00:52

Mikro MSC's placement share price fixed at 35.5 sen

By Chen Shaua Fui / theedgemarkets.com | December 9, 2015 : 9:15 PM MYT

KUALA LUMPUR (Dec 9): [size=16]Mikro MSC Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 2.55) has fixed the issue price of its private placement at 35.5 sen per placement share, to raise RM10 million.

“The issue price of 35.5 sen per placement share represents a discount of approximately 9.72% to the five-day volume weighted average market price of Mikro shares, up to and including Dec 8, 2015, of 39.32 sen per Mikro Share,” Mikro MSC said in a filing to the Bursa Malaysia today.

The payment from the placees are expected to be received within five market days from the price fixing date, Mikro MSC said.

Mikro MSC is principally engaged in the manufacturing and distribution of power relays.

On Dec 1, the ACE-listed company proposed to undertake a private placement of 28.18 million new Mikro shares, representing up to 10% of the issued and paid-up share capital of Mikro MSC, to third party investors to be identified.

The proceeds would be used for renovation and refurbishment works, the purchase of manufacturing or testing machineries and equipment, and working capital.

Mikro MSC's share price rose 1 sen or 2.53% to 40.5 sen today, for a market capitalisation of RM114.14 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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