ManagePay Systems Bhd (MPay) has entered into a conditional share subscription agreement with Macquarie Bank Ltd for the placement of up to 98.2 million new ordinary shares, representing about 10% of the ACE Market listed company's total issued shares.
The placement comprises two tranches - an initial tranche of up to 43.3 million shares priced at 90% of the 5-day volume weighted average market price (VWAP), and a second tranche of up to 43.3 million shares subject to the full subscription of the first tranche.
The share price will have a floor price starting from RM0.22 per share, subject to adjustment.
The placement agreement is valid through Sept 19, 2024 barring early termination.
MPay will pay Macquarie Capital Securities (Malaysia) Sdn Bhd an arranger's fee of 1.5% of the total subscription amount for each month.
The placement will allow MPay to raise up to RM86.6 million of growth capital from Macquarie's Asia franchise.
The counter closed at 13.5 sen, valuing the company at RM117 million.