KUALA LUMPUR: Salutica Bhd has proposed a private placement of up to 30 per cent of its issued shares to raise up to RM16.18 million to fund its expansion into property development and construction.
In a filing with Bursa Malaysia, the company said the placement would involve up to 30 per cent of its issued shares, excluding treasury shares, to third-party investors to be identified later.
Based on an illustrative issue price of 11.5 sen per share, the exercise will raise gross proceeds of up to RM16.18 million.
The final issue price will be fixed later at a discount of not more than 20 per cent to the five-day volume-weighted average market price of Salutica shares immediately before the price-fixing date.
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