PESTECH (5219) - Pestech fixes private placement issue price at RM5 per share
April 7, 2015 : 9:17 PM MYT
KUALA LUMPUR (April 7): Integrated electric power technology provider Pestech International Bhd announced it has fixed the issue price for its proposed private placement of up to 8.8 million shares at RM5 per share.
In filing with Bursa Malaysia this evening, Pestech (fundamental: 0.9 ; valuation: 0.7) said the issue price represents an approximately 0.2% discount to the five-day volume weighted average price (VWAP) of RM5.0101, recorded up to April 6, 2015.
To recap, Pestech had on Feb 16, 2015, announced its proposal to place up to 9.7 million shares — which represents some 5.7% of its existing issued and paid-up capital — to selected investors.
Pestech had said the bulk of the proceeds from the private placement will be utilised for working capital purpose and operational activities that may include project tenders, project execution, project-related expenses, staff salaries and purchases of general office supplies.
Based on the issue price of RM5, the exercise would raise RM44 million.
This is the second private placement Pestech had undertaken this year.
On March 4, Pestech had completed the issuance of a 7.3 million shares or 4.39% of its issued and paid up capital to private investors, which was done in three tranches.
The first tranche comprised a 3 million shares issued at RM3.90 per share, followed by the second tranche of 2.5 million shares and 1.8 million shares, both at RM4.10 per share.
The exercise raised RM29.33 million.
Pestech’s chief executive officer and executive director Paul Lim Pay Chuan owned a 21.75% stake in the company as at Feb 24, according to the latest filing with the local bourse.
Pestech provides power system engineering and technical services in connecting the electric power from generators to the end-users.
The stock ended 5 sen or 0.98% higher at RM5.15 today, with 2.71 million shares traded.
Its market capitalisation stood at RM898.03 million.
http://www.theedgemarkets.com
April 7, 2015 : 9:17 PM MYT
KUALA LUMPUR (April 7): Integrated electric power technology provider Pestech International Bhd announced it has fixed the issue price for its proposed private placement of up to 8.8 million shares at RM5 per share.
In filing with Bursa Malaysia this evening, Pestech (fundamental: 0.9 ; valuation: 0.7) said the issue price represents an approximately 0.2% discount to the five-day volume weighted average price (VWAP) of RM5.0101, recorded up to April 6, 2015.
To recap, Pestech had on Feb 16, 2015, announced its proposal to place up to 9.7 million shares — which represents some 5.7% of its existing issued and paid-up capital — to selected investors.
Pestech had said the bulk of the proceeds from the private placement will be utilised for working capital purpose and operational activities that may include project tenders, project execution, project-related expenses, staff salaries and purchases of general office supplies.
Based on the issue price of RM5, the exercise would raise RM44 million.
This is the second private placement Pestech had undertaken this year.
On March 4, Pestech had completed the issuance of a 7.3 million shares or 4.39% of its issued and paid up capital to private investors, which was done in three tranches.
The first tranche comprised a 3 million shares issued at RM3.90 per share, followed by the second tranche of 2.5 million shares and 1.8 million shares, both at RM4.10 per share.
The exercise raised RM29.33 million.
Pestech’s chief executive officer and executive director Paul Lim Pay Chuan owned a 21.75% stake in the company as at Feb 24, according to the latest filing with the local bourse.
Pestech provides power system engineering and technical services in connecting the electric power from generators to the end-users.
The stock ended 5 sen or 0.98% higher at RM5.15 today, with 2.71 million shares traded.
Its market capitalisation stood at RM898.03 million.
http://www.theedgemarkets.com
