MALAYSIA – MClean Technologies Berhad (“MClean” or the “Company”), an established provider of precision cleaning and surface treatment solutions, is pleased to announce the completion of its private placement exercise, which involved the issuance of 49.0 million new ordinary shares at an issue price of RM0.27 per share. This represents approximately 25.0% of the Company’s total issued shares, excluding treasury shares.
The private placement exercise has successfully raised a total of RM13.2 million, which will be used mainly to fund the acquisition of We Total Engineering Sdn. Bhd.’s (“WTE”) plastic business and as working capital of the plastic business. This underscores strong investor confidence in MClean’s growth strategy and vision for long-term sustainability. The acquisition is set to diversify MClean’s revenue streams from plastic business and expand its service offerings into high-demand sectors such as automotive, electrical and electronics, and medical devices.
Following the completion of this private placement, MClean’s total issued shares has increased to 246.2 million shares, with an issued share capital of RM64.2 million. This milestone marks another critical step in MClean’s journey toward achieving its long-term growth objectives and financial sustainability.
Datuk Dr. Terence Tea Yeok Kian, Executive Chairman and Executive Director of MClean commented, “The successful completion of this private placement reflects strong investor confidence in MClean’s strategic direction and growth potential. The funds raised will be instrumental in driving our expansion plans, particularly the acquisition of WTE’s plastic business, which aligns with our diversification strategy. Additionally, the allocation toward working capital for plastic business will further strengthen our operational capabilities, enabling us to deliver consistent value to our shareholders.”
Since the leadership of Datuk Dr. Terence Tea Yeok Kian, MClean has achieved a remarkable three consecutive profitable quarters and successfully executed strategic initiatives that position the Company for sustainable long-term growth. With shareholder approval secured on 16 December 2024 for several strategic corporate proposals, MClean is well-positioned to implement these strategic proposals by 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 8 January 2025, the share price of MClean had closed at RM0.320 as at 5:00 P.M., representing a market capitalisation of RM63.1 million.
