April 23, 2020 / 8:16 AM / a month ago

UPDATE 1-Malaysia's Serba Dinamik to raise as much as $133 mln for gearing, working capital

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KUALA LUMPUR, April 23 (Reuters) - Malaysia’s Serba Dinamik Holdings Bhd has proposed raising as much as 580.09 million ringgit ($133.05 million) by selling new shares to reduce bank borrowings and for general working capital requirements, it said in a bourse filing on Thursday.

The firm said based on an illustrative issue price of 1.47 ringgit per new share, the placement is expected to raise gross proceeds between 450.57 million ringgit and 580.09 million ringgit.

Serba Dinamik, which provides engineering solutions for the oil and gas and power generation industries, said it proposed issuing up to 10% of its total number of issued ordinary shares.

A term sheet seen by Reuters earlier stated the firm was offering 5% of its existing outstanding shares, priced at a discount between 1.49-1.52 ringgit per share, a range at which the firm could raise up to 232.9 million ringgit. Bookbuilding began on Thursday, the document showed.

A source with knowledge of the matter said there was potential to upsize the offer.

Affin Hwang Investment Bank, CIMB Investment Bank and Credit Suisse are the appointed bankers for the share placement exercise. ($1 = 4.3600 ringgit) (Reporting by Liz Lee; Editing by Raju Gopalakrishnan)

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