Euro, BIG propose private placements

PETALING JAYA: Euro Holdings Bhd and BIG Industries Bhd plan to place out shares to raise up to RM4.5 million and RM2.02 million respectively.
Euro’s proposed private placement is to be used for working capital purposes and estimated expenses for the exercise.
“The exercise will allow the group to raise the necessary funding to finance its working capital requirements, which are proposed to be utilised as part payment to contractors, suppliers and consultants for the group’s ongoing construction and property development project, Damai Vista condominium,” Euro said. The exercise is expected to be completed by the fourth quarter of 2017.
Euro yesterday closed 2.5% lower to 19.5 sen with 178,400 shares traded.
Meanwhile, BIG’s proposed private placement of up to 10% of the issued share capital of the company is also for working capital and estimated expenses.
The company intends to use the proceeds for the group’s day-to-day operations, which includes the purchase of raw materials, payment to suppliers and administration and operating expenses, as well as other general administrative expenses.
The exercise, which is expected to be completed by the first quarter of BIG’s financial year ending June 30, 2018 (Q1), is not expected to have any material effect on the consolidated earnings of BIG for the financial year ending June 30, 2018.
The stock was untraded, with its last closing price at 42 sen.