KUALA LUMPUR: Pertama Digital Bhd today entered into a conditional subscription agreement with Australia’s Macquarie Bank Ltd to subscribe up to 43 million new ordinary shares in Pertama Digital worth up to RM87.76 million.

In a filing with Bursa Malaysia, the company operating the Malaysian government short messaging service gateway said the proposed placement represents about 10 per cent of Pertama Digital’s total issued shares.

As at March 15, 2023, being the latest practicable date, Pertama Digital’s issued share capital was RM48.82 million comprising 433.36 million shares.

According to Pertama Digital, RM35 million of the proceeds from the proposed placement will be used to acquire business in the digital solutions sector, expansion of business via acquisitions or investments into other digital solutions business (RM35 million), working capital (RM16.26 million), and expenses on the proposed placement (RM1.5 million).

The company said it remains focused on operating its existing business of providing mobile and digital solutions.

To improve its financial condition, Pertama Digital is seeking avenues to enhance its revenue by investing into in-house research and development activities in order to constantly innovate and/or enhance the features of its existing mobile and digital solutions and to undertake marketing activities to raise its visibility and usage of its mobile and digital solutions, the filing said.

It also plans to regularise its financial condition, it said. – Bernama