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aws全区号(www.2km.me)_Private placement frenzy

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According to announcements on Bursa Malaysia, about 50 companies have announced plans to raise funds through private placements since October compared to over 40 companies for the July-September period.

PETALING JAYA: More listed entities are raising funds via private placements in the fourth quarter as companies rush to take advantage of a relaxed ruling, which allows them to place out a higher percentage of shares, before the window closes on Dec 31.

According to announcements on Bursa Malaysia, about 50 companies have announced plans to raise funds through private placements since October compared to over 40 companies for the July-September period.

These include Bintai Kinden Corp Bhd, Adventa Bhd, KNM Group Bhd, KKB Engineering Bhd, Kobay Technology Bhd, Samaiden Group Bhd, SMTrack Bhd, Khee San Bhd and CN Asia Corp Bhd, as well as Green Packet Bhd, which is proposing to undertake a private placement of up to 40% of its shares.Green Packet Bhd is proposing to undertake a private placement of up to 40% of its shares.

These companies are looking to raise over RM2bil for working capital requirements, business expansion, diversification into new areas and repayment of borrowings, among other things.

This is amidst the economic reopening and a general expectation of an improved business environment.

While these placement exercises have enabled firms to tap fresh funds, the massive amounts of placement shares being issued by companies over the past one and a half years may not necessarily benefit minority shareholders.

As minority shareholders are not included in the fund-raising process, the exercise would lead to earnings dilution for them and a risk of future speculation on shares as it is often not made known to whom these shares are placed.

In comparison to the increase in private placement activities, only a handful of companies had called for a rights issue from July to December.

In April 2020, Bursa Malaysia had announced relief measures and fundraising flexibilities, among which was the easing of the general mandate threshold for the issuances of new securities.

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