KUALA LUMPUR (March 2): Poultry-based DBE Gurney Bhd has proposed to place out 67.33 million shares or 10% of the current paid-up share capital to raise funds for working capital.
The company said on Friday that based on the audited loss after tax of about RM3.71 million incurred by the group for the financial year ended Dec 31, 2010 and the group’s immediate working capital requirements, the placement was the most appropriate method to raise funds.
“The proposed private placement will enable the DBE Gurney group to raise fund for working capital requirements, improve the group’s cash flow position and also to provide continued support to the Group’s existing business and future business expansion,” it said.
DBE Gurney said assuming the placement shares were issued at an indicative issue price of 10 sen per placement share based on the par value of the shares, the proposed private placement is expected to raise gross proceeds of up to RM6.73 million.
It said the working capital amount would be used to fund the group’s day-to-day operations which may include purchases of raw material such as soy, feed and other operational expenses.
It added the actual proceeds to be raised from the proposed private placement would depend on the final issue price of the placement shares.
The company said on Friday that based on the audited loss after tax of about RM3.71 million incurred by the group for the financial year ended Dec 31, 2010 and the group’s immediate working capital requirements, the placement was the most appropriate method to raise funds.
“The proposed private placement will enable the DBE Gurney group to raise fund for working capital requirements, improve the group’s cash flow position and also to provide continued support to the Group’s existing business and future business expansion,” it said.
DBE Gurney said assuming the placement shares were issued at an indicative issue price of 10 sen per placement share based on the par value of the shares, the proposed private placement is expected to raise gross proceeds of up to RM6.73 million.
It said the working capital amount would be used to fund the group’s day-to-day operations which may include purchases of raw material such as soy, feed and other operational expenses.
It added the actual proceeds to be raised from the proposed private placement would depend on the final issue price of the placement shares.
