and this another one counter also just bounce up after her sleepy support... wake up late 3pm on late friday evening eh dear... just wake up and sudently market close for the weekend holiday... an epic wake up...
KUALA LUMPUR (Aug 8): PUC Bhd has proposed to raise up to RM15.58 million via a private placement to fund its working capital as well as digital infrastructure design and development for its Presto mobile application.
The proposal came less than a year since the completion of its previous private placement exercise in October 2018, whereby PUC placed out a total of 159.17 million shares to fund its investment in Celcom Planet Sdn Bhd (now known as Presto Mall Sdn Bhd), operator of e-commerce platform 11Street (now PrestoMall).
In an exchange filing, PUC said today's proposed placement involves the issuance of up to 229.06 million shares, representing 10% of the total number of issued shares, to third parties yet to be identified.
The issue price has yet to be determined but will be issued based on a discount of not more than 10% to its five-day volume weighted average market price up to and including the last trading day immediately preceding the price-fixing date.
Based on an illustrative issue price of 6.8 sen per placement share, PUC is expected to raise up to RM15.58 million.
Of the total, PUC has earmarked RM8 million for its working capital requirements including staff costs and other administrative or operating expenses, while the balance of RM7.43 million will be for the development of the Presto mobile application, besides estimated expenses for the exercise.
PUC’s Presto mobile app was launched in December 2017 and acts as a digital services platform connecting consumers with merchants, service providers, and brand owners. It has an e-wallet feature, known as PrestoPay, launched in September 2018 and thereafter integrated onto PrestoMall.
“Following the integration with PrestoMall, the cashback feature of Presto mobile app is currently being revamped to increase its cohesiveness for Presto community members and to encourage consumers and merchants to actively transact via both Presto mobile app and PrestoMall.
“To support the next phase of the Presto mobile app’s growth, the group intends to utilise the balance proceeds from the proposed private placement (after the portion allocated for working capital and expenses for the Proposed Private Placement) to finance the digital infrastructure design and development of the Presto mobile app,” said PUC.
Barring any unforeseen circumstances, PUC expects the proposed private placement to be completed by the fourth quarter of this year.
At market close today, shares in PUC closed at 7.5 sen, valuing the group at RM161.84 million.
While the Company estimates that the current costs for the aforementioned initiative to be in the region of RM7.50 million at this juncture, it should be noted that the upgrading of the Presto Mobile App is a continuous effort to ensure its attractiveness and may entail further costs in the future. In the event the proceeds from the Proposed Private Placement is not sufficient to fund the aforementioned costs, the shortfall is expected to be funded via internally generated funds / borrowings / other fund raising alternatives.
better and better this puc, not sure share price will up or maintain at current level..but this company has prospect and proactive management..will be proven just like frontkn
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
lurhays
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Posted by lurhays > 2019-07-05 20:56 | Report Abuse
and this another one counter also just bounce up after her sleepy support... wake up late 3pm on late friday evening eh dear... just wake up and sudently market close for the weekend holiday... an
epic wake up...