KUALA LUMPUR: Tiles manufacturer YB Ventures Bhd is planning to raise up fresh capital to pay for the installation of rooftop solar PV system at its factory in Kulai, Johor and future investment.
The company on Monday has proposed to place out up to 20% of its issued share capital to raise between RM21.1mil and RM145.9mil.
YB Ventures has allocated RM16mil for the rooftop solar PV system. The rest of the proceeds will be set aside for future investments and working capital.
“The installation of the Solar PV system is timely and complements the Group’s plan to install four new production lines to expand our production capacity,” Executive Director, Datuk Au Yee Boon said.
“In conjunction to reduced electricity consumption, the installation of solar PV system will also reduce the Group’s environmental impact due to the energy intensive nature of our manufacturing activities,” he said in a statement today.
The proposed new shares will be placed to third party investors at an issue price that will be fixed at a later date, the company said.
YB Ventures, last month, completed a rights issue exercise that raised about RM48mil for