Malaysia-based plastic packaging products manufacturer, SLP Resources Berhad, has announced plans to raise MYR44.35m ($10.22m) through the issue of 16.8 million new shares in a private placement.

To be priced at MYR2.64 ($0.61) a share, the issue represents approximately 6.79% of the total shares issued by the company.

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SLP Resources Berhad has engaged RHB Investment Bank Berhad as the financial advisor for the transaction.

In addition, the company has concurrently announced a bonus issue of 52,826,666 shares.

HP Indigo Division and Sun Chemical, a company based in the US, have agreed to collaborate on developing a range of low-cost digital coatings that enable digital printing on packaging applications.

The collaboration will combine Sun Chemical’s experience and knowledge of the packaging industry with HP Indigo’s digital coatings solutions.

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The low-cost digital coatings are provided for brand owners, converters and printers.