Malvern International raises new funds, adds to board

Educational services provider Malvern International announced the appointments of Sam Malafeh as an executive director and of Navin Khattar and Wee Hock Kee as non-executive directors on Friday, with immediate effect.

“We welcome Sam Malafeh, Navin Khattar and Wee Hock Kee on the board and look forward to their active participation in the proceedings of the board,” said chairman of the AIM-traded firm, Gopinath Pillai.

At the same time, Malvern announced that it has agreed with with KSP Investments that a further £178,404 of its loan to the company will be converted into 3,568,080 ordinary shares at a conversion price of 5p.

It also confirmed that CG Corp has subscribed for 4,579,840 new ordinary shares at a price of 5p per share raising £228,992.

The proceeds of the share subscription will provide additional working capital and facilitate the continued development of certain new initiatives as outlined in the interim report, the board said.