Sedania Innovator to raise up to RM7.52 million via private placement

PETALING JAYA: Sedania Innovator Bhd proposes to undertake a private placement of 22.58 million shares to raise up to RM7.52 million.
The shares, which will be placed out to independent third party investors, represent not more than 10% of its total number of issued shares.
Proceeds raised will be used for working capital and capital expenditure.
Sedania Innovator said the proposed private placement is the most cost-effective source of capital to meet its funding needs in the short-term and the most expeditious way of fundraising from the capital market as opposed to other forms of fundraising.
Its shares fell half a sen to 33.5 sen on some 520,000 shares done. It has a market capitalisation of RM75.64 million.