MALAYSIA – MClean Technologies Berhad (“MClean” or the “Company”), an established provider of precision cleaning and surface treatment solutions, is pleased to announce that its shareholders have approved all the five (5) resolutions tabled during the Extraordinary General Meeting (“EGM”) held today. The resolutions involve strategic corporate proposals aimed at strengthening the Company’s financial performance and position, diversifying its revenue streams, and enhancing shareholder value.
Among the approved resolutions is the private placement exercise via the issuance of up to 49,300,000 new ordinary shares, representing approximately 25% of MClean’s issued share capital, to raise up to RM12.3 million. The funds raised will primarily support the Company’s growth initiatives, including the acquisition of a plastic injection moulding business and its working capital requirements. Accrelist Crowdfunding Pte. Ltd. (“Accrelist”), a major shareholder in MClean, is also approved to subscribe up to 25,000,000 of these placement shares, to facilitate its support in the Company’s strategic direction where necessary.
Shareholders also approved the acquisition of We Total Engineering Sdn. Bhd.’s (“We Total“) plastic injection moulding business at a consideration of RM6.04 million. This acquisition, aligned with the Company’s diversification plans, is expected to enhance MClean’s service offerings, profitability, and market position. Additionally, the Company had also obtained shareholders’ approval for its share capital reduction of RM35.0 million which will be used to offset accumulated losses and aimed at strengthening the Company’s balance sheet and enhancing its financial flexibility.
Datuk Dr. Terence Tea Yeok Kian, Executive Chairman and Executive Director of MClean stated, “The approval of these resolutions marks a pivotal step forward for MClean. The acquisition of We Total’s plastic injection moulding business and our diversification into this growing sector align with our vision to create sustainable, long-term value for our shareholders. These initiatives, supported by the private placement and share capital reduction, will strengthen our financial foundation, broaden our service offerings, and unlock new growth opportunities in high-demand industries.”
With the backing of its shareholders, MClean is well-positioned to implement these strategic proposals, creating a solid foundation for long-term expansion and profitability. The Company remains committed to delivering consistent value and achieving sustainable growth through its diversified business operations.
As of 16 December 2024, the share price of MClean had closed at RM0.295 as at 5:00 P.M., representing a market capitalisation of RM58.2 million.
