Jade Marvel Group proposes private placement of up to 20pc of issued shares

KUALA LUMPUR, Oct 13 — Jade Marvel Group Bhd (JMGB) had proposed to undertake a private placement of up to 20 per cent of its total number of issued shares to third party investors that would be identified later and at an issue price to be determined later.

It said as at October 4, 2021, being the latest practicable date prior to the date of this announcement (LPD), the issued share capital of JMGB is approximately RM135.19 million, comprising 278.92 million shares.

“For avoidance of doubt, JMGB does not have any outstanding convertible securities nor retain any treasury shares as at the LPD

“Accordingly, a total of up to 43.11 million new JMGB shares may be issued pursuant to the proposed private placement,” it said.

It said based on the indicative issue price of 52 sen per share, the proposed private placement is expected to raise gross proceeds of approximately RM22.42 million.

JMGB said the proceeds would be utilised, among others, for new investment or business opportunity in the frozen food processing industry, future viable investments or opportunities, working capital for money lending business as well as estimate expenses for the proposed private placement exercise

It added that the company have obtained approval from its shareholders at the last annual general meeting on September 30, 2021. — Bernama