Seni Jaya Malaysia intends to offer up to 10% of its current shares to outside investors through a proposed private placement.
This action is the result of the shareholders’ consent and their renunciation of their preemptive rights. There could be a maximum of 29.12 million additional shares issued as a result of the placement.
Financial Move
Seni Jaya Corporation Berhad (KLSE:SJC) intends to offer up to 10% of its current shares to outside investors through a proposed private placement. This action is the result of the shareholders’ consent and their renunciation of their preemptive rights. There could be a maximum of 29.12 million additional shares issued as a result of the placement.
The goal of the action is to strengthen SJC’s financial condition and accelerate capital raising without having to pay interest. It intends to support a number of potential ideas and is in line with the company’s successful business transformation. The business seems optimistic about its chances going forward.
The money raised from this placement will be used for a number of important initiatives, such as financing the B-Star Verse exhibition project (RM5.93 million), paying for the LRT Ampang Line project (RM3.50 million), replacing static billboards with digital ones (RM3.2 million), and funding the remaining general working capital in addition to paying for the placement’s estimated costs.
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