KUALA LUMPUR: Biofutures International Plc had, on Friday, successfully raised £32.5 million via share placing, in conjunction with its proposed acquisition of Platinum NanoChem Sdn Bhd, a Malaysian biofuels specialist.
This is to provide the enlarged group with sufficient funds to implement its expansion strategy and for working capital purposes.
"The proposed acquisition of Platinum Nanochem and the successful fund-raising represent a significant opportunity to enhance shareholder value," Biofutures chief executive officer Joe Wong said, in a statement issued here today.
The enlarged group is poised for growth based on its established revenue generating business model and its ability to apply its Graphene production technology to a range of products targeting major markets in the near and longer term.
Biofutures International will be renamed Graphene NanoChem Plc after the completion of the acquisition and the placing.
Platinum NanoChem is a global nanotechnology company whose established revenue-generating business model is to design, formulate, manufacture and market a range of IP (Intellectual Property)-backed speciality chemicals and advanced materials including Graphene from waste feedstocks.
The directors believed that the acquisition offers an opportunity to enhance shareholder value and move Biofutures from its current position and considerable exposure to volatile commodity prices into the manufacture of added-value products with higher margins within niche markets.
The enlarged group will aim to exploit the global megatrend towards sustainability through the supply of waste-based, high-performance, cost-competitive products into global markets and to focus on the opportunities afforded by Graphene-enhancement.
"We are delighted to be able to offer shareholders the unique opportunity to participate in our growth story as the enlarged group," Jespal, who is currently chief executive of Platinum NanoChem, said.
"We have a clearly defined strategy to exploit our existing market positions and product portfolio within specialty chemicals, whilst driving our commercialisation strategy for Graphene-enhanced applications in niche markets.
"With the proven experience and expertise of the proposed management team and the funds raised to support this strategy, we look forward to the future with confidence," he said.
Biofutures International, which was incorporated in England in February 2006, is the parent of Zurex Corp Sdn Bhd. In Lahad Datu, Sabah, Zurex owns and operates a 200,000 tonnes per annum refinery and has a licence to manufacture biodiesel from palm oil.-- Bernama