KUALA LUMPUR (March 2): CyPARK RESOURCES BHD [] has proposed to place out up to 15.52 million shares or 10% of the paid-up share capital to raise up to RM27.48 million.
It said on Friday the indicative issue price was RM1.77 per placement share, or a discount of about 10% to the five-day volume weighted average market price of the shares up to and including the last practical date of RM1.9585.
“The proposed private placement will enable Cypark to raise funds for its working capital requirements without incurring interest costs, as compared to bank borrowings,” it said.
Cypark added the corporate exercise was the fastest way to raise funds from the capital market as opposed to other forms of fund raising.
It said the shareholders had approved the issuance of up to 10% of the issued and paid-up share capital at its AGM on April 27, 2011.
It said on Friday the indicative issue price was RM1.77 per placement share, or a discount of about 10% to the five-day volume weighted average market price of the shares up to and including the last practical date of RM1.9585.
“The proposed private placement will enable Cypark to raise funds for its working capital requirements without incurring interest costs, as compared to bank borrowings,” it said.
Cypark added the corporate exercise was the fastest way to raise funds from the capital market as opposed to other forms of fund raising.
It said the shareholders had approved the issuance of up to 10% of the issued and paid-up share capital at its AGM on April 27, 2011.
