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Salutica Berhad’s 27 January 2025 filing proposed a placement of up to 42.65 million new shares, with illustrative gross proceeds of up to about RM11.94 million—not RM16.18 million. The filing says the money would fund capital expenditure, working capital and placement expenses; it does not state that the company planned to diversify into property or construction. Salutica later reported that the placement was completed, with 42.35 million shares issued.
What did Salutica propose?
On 27 January 2025, Salutica proposed issuing up to 42,650,000 new ordinary shares to independent third-party investors to be identified. The filing described this as approximately 10% of the company’s issued shares under its stated assumptions. Salutica’s announcement set out the proposal.
How much was the placement expected to raise?
The filing estimated maximum gross proceeds of approximately RM11.94 million, using RM0.28 per share as an illustrative issue price. That was an estimate, not a confirmed final amount: the company said actual proceeds would depend on both the price and the number of shares ultimately issued. The announcement also said the board would determine the price for each tranche after approvals. The issue price was not to be discounted by more than 10% to the five-day volume-weighted average market price up to the last trading day immediately before price fixing.
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Salutica listed three uses for the placement proceeds:
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- Capital expenditure: to support new customers and a new product range, with the filing stating a 12-month timeframe.
- Working capital: to provide an additional source of funding, also with a stated 12-month timeframe.
- Placement expenses: to cover estimated costs associated with carrying out the placement.
The filing does not identify property or construction diversification as a use of funds. The stated purposes are operating and financing needs, rather than entry into those sectors.
Was the placement completed?
Yes. In an announcement dated 11 September 2025, Salutica said a cumulative 42,350,000 placement shares had been issued and listed and quoted on Bursa Malaysia’s Main Market, completing the placement. The completion announcement records the final share count.
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| Measure | Proposal | Completion |
|---|---|---|
| Shares | Up to 42,650,000 new shares, approximately 10% under the filing’s assumptions | 42,350,000 shares issued and listed |
| Issue price | RM0.28 was an illustrative price; the board would fix tranche prices after approvals | The completion notice cited here does not state a final issue price |
| Proceeds | Up to approximately RM11.94 million in illustrative gross proceeds, dependent on final price and share count | The completion notice cited here does not state total proceeds |
| Purpose | Capital expenditure, working capital and placement expenses | No change of purpose stated in the completion notice cited here |
How should the RM16.18 million and diversification claims be read?
The RM16.18 million figure and the claim that the placement would diversify Salutica into property and construction are not supported by the 27 January 2025 placement filing or the September completion notice cited above. The exact source of those claims is not established by the available company announcements. They should not be treated as the terms or stated purpose of this placement without a separate supporting primary source.
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