PETALING JAYA: PUC Bhd shareholders yesterday approved to utilise the proceeds raised from the rights issue for the expansion of its social marketing and e-wallet platform, Presto.
PUC had earlier proposed to utilise the RM42 million raised from the exercise for renewable energy business.
Group managing director and chief executive officer Cheong Chia Chou said with the approval, PUC has remaining proceeds of RM36.45 million after deducting costs, to utilise for the development of its technology business where it sees good prospects and potential to deliver more value for the group.
"The approval is timely as it enables us to capitalise on growth opportunities to strategically accelerate our ePayment and eCommerce business which includes eWallet, as well as our advertising and media segments, which will in turn bring new value creation for the group.
“The proceeds will be integral in advancing the technology that will power Presto and also support eWallet integration which will go live in the first half of year 2018.” ,” he told reporters here after the company’s extraordinary general meeting here.
In a filing to Bursa Malaysia, PUC said 99.98 per cent of shareholders have approved the resolution to vary the rights issue of irredeemable convertible unsecured loan stocks (ICULS) with warrants.
On 2018 outlook, Cheong said the company sees better opportunities in creating more value added services to grow its businesses.
"Part and parcel of expanding our e-wallet services platform is creating more value for its advertising business segment.
"We certainly see that this will be positive for the growth of the whole group,” he said.