19th Jul 2018 12:15
LONDON (Alliance News) - Green & Smart Holdings PLC said on Thursday it has raised GBP3.2 million through a subscription for 51.8 million shares by Serba Dinamik International Ltd at a price of 6.19 pence per share.
Shares in the biogas-focused renewable energy company are currently suspended, last quoted at 6.62 pence, and have been since March due to delays in the publishing of its final results.
Green & Smart expects to publish the results for the year to the end of September 2017 and six months to the end of March in early August.
Proceeds will go towards the development of Green & Smart's third fully owned biogas power plant at Minyak, Malaysia, as well as working capital purposes.
Serba Dinamik International is a subsidiary of Bursa Malaysia-listed Serba Dinamik Holdings Berhad, which focuses on energy services investments. The 51.8 million shares held by Serba reflects 15% of Green & Smart's enlarged share capital.
"We are delighted to have secured this investment from Serba Dinamik, an international energy services group providing engineering solutions to the oil & gas and power generation industries. This fundraising has put us on a secure financial footing that will enable us to advance the development of our pipeline of fully-owned biogas power plants. We look forward to reporting on our progress," said Chief Executive Officer Saravanan Rasaratnam.
Green & Smart currently has 345.4 million shares issued overall.
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