Salutica eyes RM16.2m placement to fund property expansion
KUALA LUMPUR: Salutica Bhd has proposed a private placement of up to 30 per cent of its issued shares to raise up to RM16.18 million to fund its expansion into property development and construction.
KUALA LUMPUR: Salutica Bhd has proposed a private placement of up to 30% of its issued shares, aiming to raise up to RM16.18 million. This investment will fuel the company's expansion into property development and construction. In a filing with Bursa Malaysia, Salutica explained that the proceeds will be allocated equally between property development and manufacturing expansion.
Currently, the company's revenue stems solely from manufacturing, which has been unprofitable in recent years, with a net loss of RM23.75 million for the fiscal year ending June 30, 2026. Salutica hopes that diversifying into real estate will reduce its dependence on manufacturing and bolster its earnings. The company has not yet secured any construction, property development, or investment projects, and the proposed changes require shareholder approval at an extraordinary general meeting.
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