MClean Technologies Berhad (MClean) announces that its shareholders have approved all five resolutions from today’s Extraordinary General Meeting (EGM), which aim to strengthen financial performance, diversify revenue streams, and enhance shareholder value.
Among the approved resolutions is the private placement of up to 49,300,000 new ordinary shares, representing about 25% of MClean’s issued share capital, to raise up to RM12.3 million. The funds will mainly support growth initiatives, including acquiring a plastic injection moulding business and working capital. Accrelist Crowdfunding Pte. Ltd. (“Accrelist”), a major shareholder in MClean, is approved to subscribe up to 25,000,000 placement shares to support the Company’s strategic direction as needed.
Shareholders approved the acquisition of We Total Engineering Sdn. Bhd.’s (“We Total“) plastic injection moulding business for RM6.04 million, expected to enhance MClean’s service offerings and profitability. Furthermore, shareholders approved a share capital reduction of RM35.0 million to offset accumulated losses, aiming to strengthen the Company’s balance sheet and financial flexibility.
Datuk Dr. Terence Tea Yeok Kian, Executive Chairman and Executive Director of MClean stated, “The approval of these resolutions marks a pivotal step forward for MClean. The acquisition of We Total’s plastic injection moulding business and our diversification into this growing sector align with our vision to create sustainable, long-term value for our shareholders. These initiatives, supported by the private placement and share capital reduction, will strengthen our financial foundation, broaden our service offerings, and unlock new growth opportunities in high-demand industries.”
With the backing of its shareholders, MClean is well-positioned to implement these strategic proposals, creating a solid foundation for long-term expansion and profitability. The Company remains committed to delivering consistent value and achieving sustainable growth through its diversified business operations.
As of 16 December 2024, the share price of MClean had closed at RM0.295 as at 5:00 P.M., representing a market capitalisation of RM58.2 million.