Aurelius Technologies Bhd has proposed to place out up to 10% of the company’s total share base to raise as much as RM75.22 million ($17.35 million) for facility upgrades and debt repayment.

The private placement will entail the issuance of up to 358.18 million shares to investors at an issue price to be determined later, the company told Bursa Malaysia in a filing.

Aurelius Technologies plans to use the gross proceeds from the placement to acquire three more surface mount technology lines for semiconductor component manufacturing for RM25 million ($5.8 million), invest in a new manufacturing plant in Kulim Hi-Tech Park, Kedah for RM20 million ($4.6 million), partially repay bank borrowings for RM27.42 million ($6.3 million), install a solar photovoltaic system for RM2 million ($461,000) and use the remaining balance to defray costs associated with the private placement.

The company expects the proposed placement of shares to be completed by the first quarter of 2023.