PETALING JAYA: Sunsuria Bhd proposes a private placement exercise to raise up to RM61.34 million.
The group told Bursa Malaysia that the private placement will entail the issuance of up to 102.23 million new shares, representing not more than 10% of its issued shares.
Assuming the placement shares are issued at an indicative issue price of 60 sen per placement share, it is expected to raise gross proceeds of up to about RM61.34 million.
The proceeds will be utilised as general working capital for its ongoing and upcoming property development projects, including Sunsuria City and The Forum 2.
Sunsuria said the private placement is a cost-effective source of capital to raise additional working capital for its projects and an expeditious way of fundraising from the capital market as opposed to other forms of fundraising.
The exercise is expected to be completed by the third quarter of 2019.
Source: The Sun Daily