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KUALA LUMPUR (December 9): Serba Dinamik Holdings Bhd fell as much as 9.42% this morning following the announcement of its private placement yesterday.
The counter reaches its intra-morning low of RM1.73 around 10.30am. Since then, it has reduced some of the losses seen earlier in the morning.
At 11.11 a. M., Its shares were trading 7.33% or 14 sen below RM 1.77, valued at RM 6 billion. He was the thirteenth biggest loser on the local stock market today.
Meanwhile, he saw 31.52 million shares taken at the time of this writing.
The company announced yesterday that it plans to raise RM515.35 million from the issuance of 336.83 million new shares (or 10% of its issued share capital).
RM 100 million will be used for partial repayment of RM 626.99 million loans, while another RM 100 million will be used as capital expenditures at its Teluk Ramunia warehouse in Johor.
Meanwhile, RM303.46 million of the proceeds will be used for two projects in Abu Dhabi.
It also noted that its managing director and chief executive, Datuk Dr. Mohd Abdul Karim Abdullah, who is also the group’s largest shareholder, can participate in the book-making exercise for the placement.
An extraordinary general meeting (EGM) will be called for the placement of 101.05 million shares to Abdul Karim, which will be part of the private placement.
Abdul Karim, together with directors Datuk Abdul Kadier Sahib and Datuk Awang Daud Awang Putera, are parties interested in the placement of shares in Abdul Karim. They will abstain from voting on the matter at board meetings and at the General Shareholders’ Meeting.
The group said that Abdul Karim’s share cannot exceed 32.9%, or that the collective participation of Abdul Karim, Abdul Kadier and Awang Daud cannot increase by more than 2% in the six months after the completion of the placement, in the event that their holdings exceed 33% before the placement of shares to Abdul Karim.
This is to ensure that a mandatory takeover bid is not triggered.
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