KUALA LUMPUR (Bernama) — G Capital Bhd (GCAP) will undertake a renounceable rights issue that entails the issuance of up to RM102.62 million of 1.28 billion redeemable convertible unsecured loan stocks (RCULS), mainly to part-finance projects involving renewable energy (RE) solutions.
In a filing with Bursa Malaysia today, GCAP said the proposed rights issue enables the group to raise up to RM102.62 million at a fixed funding cost for a period of five years, thereby reducing its exposure to interest rate fluctuations.
Moving forward, the group said it remained optimistic about its future.
“GCAP group is also planning to venture into non-RE sectors, particularly in liquefied petroleum gas and liquified natural gas business.
“The group is in the process of identifying suitable strategic partners,” it added.
Previously, the group was principally involved in the transportation services and mini-hydropower businesses, where the revenue generated from transportation services has been decreasing for the past three financial years.
On June 30, 2021, it had obtained shareholders’ approval to diversify its existing core business to include energy solutions.