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MACA chief executive Doug Grewar.
The West Australian MACA chief executive Doug Grewar.

Shares in MACA were lower after the company announced a $56.25 million placement at a steep discount to its last traded price and a selldown by its five founding shareholders.

MACA said the funds would be used to strengthen its balance sheet to fund the ongoing growth of the business.

The raising, through Hartleys, will involve the issue of 22.5 million new shares priced at $2.50.

MACA also announced its five founding shareholders had agreed to sell in aggregate 14 million shares to a small number of large institutional investors at $2.50 a share.

The company argued the moves would boost liquidity in the company's shares and help meet the institution demand for its shares.

The founding shareholders would retain 32 per cent of the company after the sell down and the placement.

MACA managing director Doug Grewar said the placement and partial sale of shares from the founding shareholders was significantly oversubscribed with very strong support from existing and new institutional investors.

"The outlook for our business is very positive," he said.

"The capital raising further strengthens MACA's robust financial position and ensures we are well placed to pursue new contract opportunities and continue to support our loyal clients."

On Monday, MACA reported a record first-half profit of $22.6 million, up 37 per cent on the previous corresponding period.

MACA shares were off nine cents, or 3.16 per cent, to $2.76 at 11.40am.