July 25 (Renewables Now) - Malaysian biogas producer Green & Smart Holdings Plc (LON:GSH) has secured about GBP 3.2 million (USD 4.2m/EUR 3.6m) from selling newly-issued to stock to a unit of domestic energy services group Serba Dinamik Holdings Bhd (KLSE:SERBADK).
As a result, Serba Dinamik International Ltd (SDIL) will own about 15% of Green & Smart’s enlarged issued share capital, the latter said last week. SDIL has subscribed for about 51.8 million common shares at GBP 0.0619 apiece. According to the statement, the subscription is conditional on the stock’s admission to trading on the London bourse before August 8. The admission, itself, is expected to occur on or around August 2.
Green & Smart said it will use the financing to to advance the development of its third biogas power plant in Malaysia and for working capital requirements. "This fundraising has put us on a secure financial footing that will enable us to advance the development of our pipeline of fully-owned biogas power plants," said Saravanan Rasaratnam, Green & Smart’s CEO.
As previously announced, the renewable energy firm needs the money to accelerate its projects in the current financial year. Its plants capture biogas through the treatment of palm oil mill effluent (POME).
(GBP 1.0 = USD 1.317/EUR 1.126)