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Borneo Oil to raise RM53.57mil to acquire 30.73% stake in Makin Teguh

时间:1个月前   阅读:6

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KUALA LUMPUR: Borneo Oil Bhd (Bornoil) has proposed a private placement to raise as much as RM53.57 million mainly to pay for the acquisition of a 30.73 per cent stake in Makin Teguh Sdn Bhd (MTSB).

MTSB is involved in the manufacturing and trading of clinker, cement and related products.

In a filing with Bursa Malaysia today, Bornoil said the exercise entailed the issuance of up to 2.8 billion new shares representing about 30 per cent of the total number of issued shares, and it is intended to be placed to third party investors to be identified at a later stage.

For illustration, the indicative issue price is assumed at 91 sen per placement share, which represents a discount of 9.91 per cent to the five-day volume weighted average market price of Bornoil shares up to and including the latest practicable date on Oct 19, 2022 of 21.2 sen.

Following the proposed acquisition of MTSB for RM100 million cash, Bornoil has entered into a conditional share sale agreement with the vendor, Global 2332 Ltd.

Bornoil also announced that it intended to diversify its existing principal activities and its subsidiaries (under Bornoil Group) to include the manufacturing and trading of clinker, cement and related products.

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At present, Bornoil Group is principally involved in the food and franchise operations, property investment and management activities, as well as the provision of resources and sustainable energy.

Upon completion of the proposed acquisition, MTSB will become a 60 per cent-owned subsidiary of Bornoil, it added.

"MTSB currently owns an integrated clinker and cement plant in Sabah with an estimated production capacity of 220,000 tonnes of cement per year.

"The said manufacturing plant is envisaged to only commence operation in 2023. In addition, MTSB also operates two limestone reserves with an estimated recoverability of about 14.37 million tonnes," it said.

Bornoil said the acquisition is expected to augur well for its growth prospects in the long term, as it provides the group with an opportunity to expand its income stream and growth prospect.

"Barring any unforeseen circumstances and subject to all the required approvals being obtained, the proposals are expected to be completed in the first quarter of 2023," it said. - Bernama


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