HB Global aborts plan to raise RM23m via private placement

TheEdge Thu, Apr 14, 2022 07:03pm - 1 year View Original


KUALA LUMPUR (April 14): Food processing group HB Global Ltd has decided to defer a plan to raise RM23.1 million in a private placement of 154 million new shares or 20% of its existing issued shares after having considered the current market sentiment.

In a bourse filing on Thursday (April 14), HB Global said its board of directors has decided to defer the proposed private placement for the time-being.

"As such, the application for the proposed private placement will not be submitted to the authorities at this juncture," it added.

On Feb 14, the group has announced plans to raise gross proceeds of about RM23.1 million, based on the illustrative issue price of 15 sen per placement share to funding future projects or acquisition and/or investment in other complementary businesses and/or assets and for working capital.

The proposed exercise was supposed to be completed in the second half of 2022.

HB Global shares closed unchanged at 14 sen on Thursday, valuing the group at RM107.8 million. A total of 527,400 shares were done. The stock's share price has fallen 30% year to date.

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