Supergenics to raise RM5m from excluded issue

TheEdge Wed, Nov 13, 2019 12:29pm - 3 years View Original

KUALA LUMPUR (Nov 13): LEAP Market-bound Supergenics Bhd expects to raise RM5 million in gross proceeds from its excluded issue.

At the launch of its Information Memorandum today, the firm said it expects to use RM2 million or 40% from the excluded issue for general working capital.

Supergenics said it would further utilise RM1 million (20%) for the development of a showcase cleanroom and RM1 million for enhancement and development of its laboratory monitoring and control system.

"The remaining RM1 million [of the excluded issue] will be utilised for expenses related to the listing exercise," it said.

The launch is pursuant to the company's excluded issue of 25 million ordinary shares to sophisticated investors.

Upon its listing on the LEAP Market, Supergenics' market capitalisation will be RM18.6 million, based on the issue price of 20 sen and enlarged share capital of 93 million ordinary shares.

"The launch of our Information Memorandum in conjunction with our proposed listing on the LEAP Market [of Bursa Malaysia] is definitely a major milestone for Supergenics," Supergenics group managing director Tan Bii Chau said.

According to the company, it expects to be listed on the LEAP Market within a month, by mid-December.

According to the Information Memorandum, Supergenics aims to expand to reach out to more clients and investors.

As the company is focused on the Klang Valley, it intends to participate in tenders and negotiations for projects located in Penang, Johor and Sabah as well as foreign projects located in Brunei and Indonesia moving forward.

Supergenics (formerly known as Supergenics Sdn Bhd and Supergenics Holdings Sdn Bhd) is principally an investment holding company whilst its subsidiaries are principally involved in the provision of integrated turnkey solutions for the development of cleanrooms and the provision of management services for cleanrooms.

Thinkat Advisory Sdn Bhd is the approved adviser, placement agent, custodian and continuing adviser for the listing.

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