KUALA LUMPUR: MClean Technologies Bhd has obtained approval from Bursa Malaysia Securities Bhd for the listing of up to 49.3 million placement shares to be issued under its proposed private placement.

In a statement today, the provider of precision cleaning and surface treatment solutions said the exercise is part of a series of strategic corporate proposals aimed at solidifying the company's financial position, diversifying its revenue stream and driving growth.

"The proposed private placement is set to raise up to RM12.3 million, to be utilised primarily to support the proposed acquisition of We Total Engineering Sdn Bhd's plastic injection moulding business and to provide working capital to support the newly acquired business," it said.

This acquisition, along with the diversification into the plastic injection moulding business, aligns with MClean's strategy to broaden its revenue sources and service range, accessing new growth avenues in key sectors including electrical and electronics (E&E), automotive, oil and gas, and medical devices. 

Last month, the company announced corporate proposals encompassing the private placement, the acquisition of a plastic injection moulding business, the diversification into the plastic injection business and the share capital reduction, which are subject to shareholders' approval at an extraordinary general meeting to be held in due course.