Bina Puri shares flat on proposed private placement

PETALING JAYA: Bina Puri Holdings Bhd's share price was flat at 36.5 sen this morning, following its plans to raise between RM8.82 and RM9.34 million depending on the issued share price, from a proposed private placement exercise.
At 11.03am, the stock stood at 36.5 sen with 35,000 shares changing hands. Its market capitalisation stood at RM97.2 million.
The group said the proposed private placement would entail not more than 10% of its share capital, and will be utilised for working capital and repayment of bank borrowings.
The bulk of the proceeds amounting to between RM6.56-RM7.06 million will be used as working capital purposes such as payments to suppliers, contractors, consultants and property development expenses as well as other operating and administrative expenses.