Pertama Digital Berhad (KLSE:PERTAMA) will look for acquisitions. Pertama Digital Bhd is planning to place out up to 43 million new shares to Macquarie Bank Limited to raise up to MYR 87.8 million in gross proceeds. In a Bursa filing March 17, 2023, Pertama said the placement of new shares, represents about 10% of its current share base of 433.36 million shares.

"For illustrative purpose, based on the five-day volume-weighted average price (VWAP) of the shares up to the latest practicable date (LPD) of MYR 2.2437, the illustrative subscription price is MYR 2.041 per placement share, representing a discount of approximately 9% to the 5-day VWAP of the shares," it said. Pertama Digital said it entered into the subscription agreement with Macquarie Bank to facilitate the proposed placement, which in turn would allow it to raise funds expeditiously notwithstanding its current status as an affected listed issuer. Pertama Digital has been looking into formulating a regularization plan after it triggered paragraph 8.03A(2)(a) (bb) of the Main Market Listing Requirements when it completed its sale of Be Top Group Ltd. in 2022.

However, Pertama Digital said the proposed private placement does not form part of its regularization plan. "The proposed placement is intended to provide Pertama Digital with an interim source of funds," it said. Of the proceeds from the placement, the group said MYR 35 million would be used for the acquisition of business in the digital solutions sector.

As part of its efforts to formulate a regularization plan, Pertama Digital said it is in the midst of discussion with the vendors in relation to a potential acquisition of a company involved in the digital solutions sector. "Based on Pertama Digital's preliminary discussions with the vendors, the cash consideration in respect of the indicative purchase consideration is approximately MYR 35 million. Thus, taking into consideration the foregoing, Pertama Digital intends to allocate up to MYR 35 million of the gross proceeds raised to meet the proposed cash consideration for such potential acquisition exercise," it said.

Pertama Digital said another MYR 35 million of the proceeds will be set aside for the expansion of business via acquisitions and investments into other digital solutions business such as companies specializing in government and/or financial technologies, as part of its strategy to enhance and/or expand its digital solutions offerings. The share price of Pertama Digital slid 2 sen or 0.91% lower to MYR 2.17 March 17, 2023. Its market capitalization stood at MYR 940 million.