Salutica Berhad’s 27 January 2025 filing proposed a private placement of up to 42.65 million shares, with maximum illustrative gross proceeds of about RM11.94 million—not RM16.18 million. The filing says proceeds would support capital expenditure, working capital and placement expenses; it does not mention diversification into property or construction. Salutica later reported that the placement was completed with 42.35 million shares issued.
What did Salutica propose?
In an announcement dated 27 January 2025, Salutica proposed issuing up to 42,650,000 new ordinary shares to independent third-party investors who would be identified later. Under the filing’s assumptions, that represented approximately 10% of the company’s issued shares.
The proposed issue price was not fixed in the announcement. The board was to determine the price for each tranche after the required approvals. The filing said the price would not be discounted by more than 10% to the five-day volume-weighted average market price (VWAP) up to the last trading day immediately before the price was fixed. The RM0.28 figure was an illustration, not a confirmed final price. Salutica’s 27 January 2025 announcement
How much was Salutica proposing to raise?
Using the illustrative price of RM0.28 per share, Salutica estimated maximum gross proceeds of approximately RM11.94 million. The company said actual proceeds would depend on both the eventual issue price and the number of shares issued. The filing reviewed does not support the RM16.18 million figure in the original headline. Salutica’s proceeds estimate
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What were the proceeds meant to fund?
Salutica identified three uses for the proceeds:
- Capital expenditure: to support new customers and a new product range. The filing gave a 12-month timeframe for this use.
- Working capital: to provide an additional source of funding for the company’s operating needs. The filing also gave a 12-month timeframe for this use.
- Placement expenses: to cover the estimated costs of carrying out the placement.
The announcement does not say that the placement was intended to fund diversification into property or construction. Salutica’s stated use of proceeds
Was the placement completed?
Yes. In an announcement dated 11 September 2025, Salutica said that 42,350,000 placement shares had been issued and listed and quoted on Bursa Malaysia’s Main Market, completing the placement. This final share count was 300,000 below the proposed maximum of 42,650,000 shares. Salutica’s 11 September 2025 completion announcement
| Transaction detail | Proposal | Reported completion |
|---|---|---|
| Shares | Up to 42,650,000 new shares | 42,350,000 shares issued and listed |
| Issue price | Not fixed in the proposal; RM0.28 was illustrative | Final issue price not stated in the completion details cited here |
| Proceeds | Up to approximately RM11.94 million in illustrative gross proceeds at RM0.28 per share | Final proceeds not stated in the completion details cited here |
| Purpose | Capital expenditure, working capital and placement expenses | The completion notice records issuance and listing; it does not revise the stated uses |
What is—and is not—established by the filings?
The available company announcements establish the proposed share issue, the illustrative proceeds estimate, the stated uses of funds and the completed share count. They do not substantiate a RM16.18 million proceeds estimate or a property-and-construction diversification plan for this placement. The source of those two claims remains unresolved; they should not be treated as confirmed transaction details without a matching primary filing. Review of the unmatched headline claims
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