12/04/2023, 18:03 PLS Plantations to place up to 56 million shares to meet public shareholding spread | The Edge Markets

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PLS Plantations to place up to 56 million

shares to meet public shareholding
spread
Adam Aziz / theedgemarkets.com
January 25, 2023 20:12 pm +08

KUALA LUMPUR (Jan 25): PLS Plantations Bhd has proposed a placement of
up to 56.24 million new shares at 95 sen per share to meet its public
shareholding spread, and to part-fund its future plantation business
expansion in Pahang.

PLS said it has concurrently entered into five separate agreements with
parties who will subscribe to a total of 25 million shares in the group, valued
at RM23.75 million.
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12/04/2023, 18:03 PLS Plantations to place up to 56 million shares to meet public shareholding spread | The Edge Markets

They are Tan Sri Norza Zakaria (10 million shares), Tan Sri Shahril Ridza
Ridzuan (five million shares), Datuk Eric Tan Chwee Kuang (five million
shares), Reservior Link Energy Bhd executive director Thien Chiet Chai (two
million shares), and Mirus Holdings Sdn Bhd (five million shares).

PLS currently has 399.656 million shares outstanding at the start of the year,
as well as 162.71 million warrants convertible at 80 sen each.

The counter closed up 4.85% or five sen at RM1.08 on Wednesday (Jan 25),
valuing the group at RM431.63 million.

In a filing with Bursa Malaysia, PLS said the placement would raise up to
RM56.24 million, with 63% to 64% of the proceeds used for expansion into
cash crops, durian and other plantation activities. The remaining proceeds
will go towards working capital, and downstream expansion of durian
business.

PLS said based on the minimum scenario of its placement (39.96 million
shares representing 10% of its existing share base), its public shareholding
spread will rise to 20.24%, from 12.26% as at end-2022.

“The board is of the view that the proposed placement is the most expeditious
way to partially address the shortfall in the company’s public shareholding
spread and the company will continue to explore other options to enable the
company to fully comply with the public spread requirement,” it said.

PLS’s largest shareholder is Tan Sri Lim Kang Hoo’s listed unit Ekovest Bhd
with a 73.08% stake, followed by Datuk Lim Kang Yew with 9.05%.
Edited by S Kanagaraju

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