WCT's share price fall 2.98% after announcing share sale

PETALING JAYA: WCT Holdings Bhd’s share price fell 2.98% this morning following news of its plans to raise RM242.2 million from a proposed share sale.

At 11.07am today, the stock fell 2.98% or 5 sen to RM1.63 with a total of 1.55 million shares traded. The stock closed at RM1.68 yesterday.

The group told Bursa Malaysia yesterday that it plans to raise RM242.2 million in gross proceeds from the proposed placement of 140 million new shares at an indicative issue price of RM1.73 a share.

It intends to allocate up to RM100 million of the gross proceeds to partly repay its bank borrowings and RM140.2 million for working capital.