20th Dec 2016 12:01
LONDON (Alliance News) - Green & Smart Holdings PLC Tuesday said it has raised MYR6 million, or around GBP1.1 million, through the issue of new shares to a Malaysian government-owned sovereign wealth fund.
The renewable energy company said Malaysian Technology Development Corp Sdh Bhd had subscribed for 6 million redeemable convertible preference shares in the company at MYR1.00 each. These shares were then converted into 10.8 million new shares in the company under a share swap agreement between the two.
Green & Smart has therefore issued 10.8 million shares at 10.62 pence per share, being its closing price last Friday. Shares in Green & Smart were untraded Tuesday, last closing at 10.75 pence.
"We are pleased to receive the support of our existing shareholder, MTDC, who share our belief that Green & Smart remains a highly attractive investment opportunity. We feel very privileged to have the strong backing of the Malaysian Government, through MTDC, for our renewable energy initiatives," said Managing Director Saravanan Rasaratnam in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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