PJBumi proposes RM31.1 million private placement to fund contracts
The group plans to allocate RM21.3 million to new drilling rigs and RM4 million to a construction project in Sungai Petani.
PJBumi Bhd has proposed raising RM31.1 million through a private placement covering up to 10% of its shares, with the funds intended for current and future contracts.
In its bourse filing, the group said investors would be independent third parties selected later. It may carry out the placement in tranches within six months after obtaining Bursa Securities’ approval. The board’s general mandate, granted on Dec 5, 2025, remains valid until the next AGM.
The number of placement shares would be either 8.2 million or 41 million, depending on whether a proposed one-into-five share split proceeds. Bursa Malaysia Securities Bhd has approved the split application, but shareholders must still give their approval at an AGM.
PJBumi said any discount on the placement price would be capped at 10%, measured against the shares’ volume-weighted average price (VWAP) for the five days immediately preceding the price-fixing date.
Beyond the allocations for drilling rigs and the Sungai Petani project, the balance would cover working capital and placement expenses. PJBumi reported approximately RM120.9 million in unbilled orders as at Oct 13, spread across five projects in Malaysia and Indonesia.
The group said the placement would provide funding quickly without interest costs from bank borrowing. It acknowledged that the exercise would not resolve its financial concerns, but said spending to support new revenue streams could ease some pressure.
At end-June 2026, PJBumi held RM151,000 in cash and cash equivalents and had no bank borrowings.
