Opcom proposes private placement, ESOS

KUALA LUMPUR, June 18 -- Opcom Holdings Bhd has proposed to undertake a private placement of up to 53.21 million new ordinary shares, representing about 30 per cent of the company’s existing issued shares, at an issue price to be determined later. 

In a filing with Bursa Malaysia today, the company said it also proposed to establish an employees’ share option scheme (ESOS), involving up to 30 per cent of the total number of its issued shares, for eligible directors and employees and its subsidiaries.

It said an estimated RM22.62 million proceeds from the proposed private placement would be utilised largely for funding of its existing and future contracts (RM19 million) as well as working capital (RM2.62 million) within 24 months while the remaining RM1 million would be for estimated expenses of the exercise.

“The actual utilisation of these proceeds will depend on the prevailing operating needs of Opcom group at the time when the proceeds are received,” it said.

On the proposed ESOS, Opcom said the exercise would be in force for a period of five years and would be administered by a committee to be appointed and duly authorised by the board.

The proceeds from the proposed ESOS would be for future business projects/investment (RM6 million), general working capital (RM3.14 million) and estimated expenses for the previous private placement (RM132,000).

As at June 11, 2021, Opcom has an issued share capital of RM41.52 million comprising 177.37 million Opcom shares.

-- BERNAMA