Friday 14 Jun 2024
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KUALA LUMPUR (Jan 24): Jade Marvel Group Bhd has withdrawn its plans to raise up to RM80 million through the issuance of redeemable convertible preference shares (RCPS) to fund its money-lending business and working capital.  

In a filing with Bursa Malaysia, Jade Marvel said its board of directors and Sycamore Capital SPC, the subscriber for the proposed RCPS issuance, have mutually agreed to terminate the subscription agreement and supplemental subscription agreement.

It did not, however, disclose the reason for the termination. 

"The board has decided to abort the proposals and withdraw the additional listing application in relation to the proposed RCPS issuance," Jade Marvel said. 

The plan to issue up to 80 million new RCPS at RM1 each to Sycamore Capital, a company incorporated in the Cayman Islands and acting on behalf of Sycamore Equity Fund SP, was announced in June last year.

TA Securities Holdings Bhd was appointed as the adviser for the exercise.

“The proposed RCPS issuance will enable the group to finance its money-lending business without drawing upon its existing cash and bank balances, which is required for the group’s existing operations and funding needs,” Jade Marvel said in the announcement then. 

As at Sept 30, 2023, the group’s cash and bank balances amounted to RM9.16 million.

Jade Marvel’s shares closed unchanged at 17.5 sen on Wednesday, for a market capitalisation of RM79.85 million. Year-to-date, the counter has fallen 12.5%.

Edited ByS Kanagaraju
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