Fansons Berhad proposed new ordinary shares

Fansons Berhad (FB) has proposed a private placement of approximately 10% new ordinary shares in the Company to raise up to RM9,999,360.00 (Ringgit Malaysia: Nine Million Nine Hundred Ninety-Nine Thousand Three Hundred Sixty Only) in two phases.

The company has proposed to place 3,072 New Shares at an indicative price of RM32.55 per share for each phase. The Board considers the share subscription to be executed via lot sizes of 768 New Shares at RM24,998.40 per lot.

Four (4) lots will make up One (1) tranche application. Fansons Berhad has proposed this Series B fund raising mainly for funding the expansion for outlet development and manufacturing expenses (60%), operation expenses (20%), and marketing expenses (20%). Applications will close on August 30, 2023 at 6.00pm.