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apple developer account for sale :Serba Dinamik to pare down net gearing via private placements

admin2020-12-1898

Serba Donamik's managing director and chief executive officer, Datuk Dr Mohd Abdul Karim Abdullah, said the whole exercise is expected to be completed by end-January upon approval by the group’s shareholders at an EGM slated for Jan 20 PETALING JAYA: Serba Dinamik Holdings Bhd expects its proposed private placements will improve its net gearing to between 0.5 times and 0.6 times from 0.88 times upon completion of the exercise in January 2021. Its managing director and chief executive officer, Datuk Dr Mohd Abdul Karim Abdullah, said the whole exercise is expected to be completed by end-January upon approval by the group’s shareholders at an EGM slated for Jan 20. “Serba Dinamik proposes to issue 336,830,000 new shares in the market. Currently, the price per share has not been determined yet and it will be based on the current price at a much later date, ” he told Bernama in an interview recently. Abdul Karim said if the price was based on the closing price as at Dec 7,2020, which is RM1.95, the proposed private placements would enable Serba Dinamik to raise additional equity of RM656.8mil. In a filing with Bursa Malaysia recently, Serba Dinamik announced that it was looking to raise about RM515.35mil from its private placement to repay bank borrowings, as well as to partly finance its projects. The group said it would be issuing up to 336.83 million new shares, representing 10% of its issued share capital of 3.37 billion shares as at Nov 30. Abdul Karim said currently, there were three promoters who were keen to participate in the placement of up to 3.0%. “The company also expects the balance to come from local, as well as international investors. There won’t be any special purpose vehicle for this exercise but any potential investors will participate in the book building exercise, ” he added. From the proposed private placements, RM100mil will be used to partially repay RM626.99mil worth of borrowings, another RM100mil for the group’s Teluk Ramunia Yard in Johor and RM303.46mil for projects in Abu Dhabi. Abdul Karim said the construction of building facilities in Teluk Ramunia Yard is expected to start in the first quarter of 2021 and would be completed in the first quarter of 2022. The Teluk Ramunia Yard, which Serba Dinamik acquired from Petroliam Nasional Bhd in June this year, will have the capacity of 10,000 tonnes to perform steel fabrication of offshore platforms and other structures in 2021. Upon completion of the construction in 2022, the Teluk Ramunia yard will have a capacity of 50,000 tonnes and will contribute to the group’s revenue beginning April next year, said Abdul Karim. As for serba Dinamik’s infrastructure projects in Abu Dhabi, he said the projects will start next year and will be fully completed in four years. — Bernama
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