Aturmaju aborts private placement on falling share price

PETALING JAYA: Aturmaju Resources Bhd, which saw its share price gain three sen or 10% today, told Bursa Malaysia Securities Bhd it is aborting a private placement exercise to raise RM2.4 million, in view of its deteriorating share price.
The counter closed at 32 sen, with some 16,200 shares changing hands.
The money was to have gone to reconstruct its sawmill, which comprises mainly contractor fees and construction material.
The company announced plans for the placement of shares in April, when the share price was trading at around 43.63 sen. It had announced an indicative issue price of 39.5 sen.
The stock has fallen 20% year-to-date. The board of Aturmaju said it will explore alternative methods of fundraising to meet its funding requirement.