KUALA LUMPUR (Jan 27): Kimlun Corporation Bhd has proposed to raise RM27.94 million from the private placement of new shares.
It said on Friday the private placement would entail the issuance of up to 22.90 million new shares, or up to 10% of the issued and paid-up share capital of RM114.50 million, comprising of 229 million shares.
“Assuming the placement shares are issued at an indicative issue price of RM1.22 per placement share based on a discount of approximately 10% to the WAMP up to Jan 26, 2012 of RM1.36, the proposed private placement is expected to raise gross proceeds of up to approximately RM27.94 million,” it said.
Kimlun said the shares would be placed to third party investor or investors to be identified at a later stage.
Of the RM27.94 million, it said that the bulk of it or RM13 million would be used for development and incidental expenditure of Kimlun Group’s existing land bank. Another RM9.64 million would be used for working capital and RM2.80 million to purchase a parcel of industrial land.
It said on Friday the private placement would entail the issuance of up to 22.90 million new shares, or up to 10% of the issued and paid-up share capital of RM114.50 million, comprising of 229 million shares.
“Assuming the placement shares are issued at an indicative issue price of RM1.22 per placement share based on a discount of approximately 10% to the WAMP up to Jan 26, 2012 of RM1.36, the proposed private placement is expected to raise gross proceeds of up to approximately RM27.94 million,” it said.
Kimlun said the shares would be placed to third party investor or investors to be identified at a later stage.
Of the RM27.94 million, it said that the bulk of it or RM13 million would be used for development and incidental expenditure of Kimlun Group’s existing land bank. Another RM9.64 million would be used for working capital and RM2.80 million to purchase a parcel of industrial land.
