Financial Highlights

KUALA LUMPUR:  (Masteel) plans to place out 42.5 million new shares to Macquarie Bank Ltd to raise cash and reduce its debts.

The new shares will be sold at 38 sen each, spread over in several tranches over the next 12 months, the steel bar maker said in a filing with Bursa Malaysia today.

As the proposed issue price, Masteel will raise RM16.15mil.

Of the amount, RM15.98mil will be utilise towards repayment of its trade lines.

“The proposed private placement will reduce our existing trade lines, thus allowing us to save on finance cost,” Masteel said.