KUALA LUMPUR: Yinson Holdings Bhd has proposed a private placement of 120 million new ordinary shares in the company, representing 4.1 per cent of the total number of its issued shares.
In a filing with Bursa Malaysia, it said based on the indicative issue price of RM2.36 per placement share, the proposed private placement is expected to raise gross proceeds of up to RM283.2 million under the maximum scenario.
It said the proceeds are intended for the expansion of renewable energy and green technology business, working capital and estimated expenses of the exercise.
"Any surplus or shortfall of proceeds allocated for expansion of renewable energy and green technology business, shall be adjusted to/from the amount allocated for the working capital," it said.
Yinson said after due consideration of the various avenues of fund-raising, the company is of the view that the proposed private placement will further strengthen the company's equity and capital base.
It added that the company has not undertaken any other fundraising exercises in the past 12 months prior to this date.