Cypark To Raise RM52.66 Mln Via Private Placement For Project Funding, Working Capital
KUALA LUMPUR, June 8 (Bernama) -- Cypark Resources Bhd has proposed a private placement of up to 10 per cent of its issued share capital involving the issuance of up to 82.28 million new shares to third-party investors, which is expected to raise approximately RM52.66 million.
As at the latest practicable date (LPD) of May 31, 2026, the issued share capital of the company is RM602.13 million, comprising 822.83 million shares, with the company not holding any treasury shares, nor does it have any outstanding convertible securities as at the LPD.
In a filing with Bursa Malaysia today, the integrated renewable energy and environmental solutions company said the amount raised is based on an illustrative issue price of 64 sen per placement share.
Of the total placement proceeds the group plans to utilise RM45 million for the funding of its projects, RM7.07 million for working capital and RM590,000 for the estimated expenses for the private placement.
"The group intends to utilise proceeds of up to RM45 million to fund the group’s projects. The proceeds will be utilised to fund, among others, payments to contractors, suppliers and consultants, procurement of materials and equipment, mobilisation costs and other day-to-day operational expenditures incurred in relation to the group’s projects," it said.
Among its key ongoing projects are the construction of a 595-megawatt alternating current (MWac) hybrid hydro floating solar photovoltaic plant with battery energy storage systems (BESS) at Terengganu, valued at RM1.96 billion; the Phase 2 development of the SMART waste-to-energy (WtE) plant in Negeri Sembilan, estimated at RM700 million; and a 99.99MWac solar photovoltaic plant in Negeri Sembilan, with an estimated development cost of RM300 million.
It said the exercise was the most appropriate fundraising option as it is comparatively expedient and an efficient avenue to raise the required quantum of funds as opposed to other forms of equity fund raising such as rights issue exercise, where the proceeds are raised on a “lump-sum” basis and such exercise generally takes a longer implementation time.
The proposed private placement also will serve as an additional source of funding for the group without incurring interest cost or having to service principal repayments as compared to if such funding requirements are fully funded via bank borrowings.
“As the proposed private placement may also be implemented in tranches, this enables the company to raise funds expeditiously on an ‘as needed’ basis, thus minimising full immediate dilution to the existing shareholders’ shareholdings.
"Upon completion of the proposed private placement, the enlarged capital base is also expected to strengthen the financial position of the company,” it said.
On prospects, Cypark said that it intended to leverage its engineering capabilities to pursue and convert new engineering, procurement, construction and commissioning (EPCC) opportunities, including solar, floating solar and hybrid renewable energy (RE) projects.
"The group is actively pursuing several EPCC tenders to grow its order book, underpinned by a growing execution track record and an increasingly recognised capability.
"As at the LPD, the group’s tender book stood at approximately RM2.20 billion, reflecting active participation across large-scale solar, BESS, WtE and other infrastructure opportunities.
TA Securities has been appointed as the principal adviser and placement agent to the company for the proposed private placement.
-- BERNAMA