Daya Materials to get cash injection of RM4mil

“The proposed subscription will allow the group to raise the much-needed funds for its working capital requirements and expenses relating to the proposed regularisation plan, ” Daya Materials said.

PETALING JAYA: Daya Materials Bhd, a Practice Note 17 (PN17)-status company, will get a cash injection of RM4mil from the sale of a stake in its subsidiary Daya Maxflo Sdn Bhd (DMAX).

In a filing with Bursa Malaysia yesterday, Daya Materials said it had entered into a conditional subscription with WK Propel Sdn Bhd (WKP) for the latter to buy 342.96 million new shares which is equivalent to a 19.45% stake in DMAX for RM4mil cash, or RM11.66 per share.