KUALA LUMPUR: The majority of shareholders in M3 Technologies (Asia) Bhd has rejected the company's proposed private placement exercise at an EGM today.

According to a filing with Bursa Malaysia, seven shareholders with a combined holding of 146 million shares, or 65.66% of the company have voted against the proposed fund raising exercise.


Four shareholders with a total of 76.38 million shares, or 34.33% were in favour of the resolution.


M3 Technologies had earlier proposed to place out 232.14 million new shares, or 30% of its issued share capital to independent investors.