Tadmax shares fall on news of private placement exercise
24 Nov 2017 / 12:00 H.
PETALING JAYA: Tadmax Resources Bhd's share price fell 7.14% this morning, after the group announced that it is undertaking a private placement to raise up to RM35.52 million yesterday.
At 11.04am, the stock stood at 32.5 sen with 1.18 million shares changing hands. It has a market capitalisation of RM188.3 million.
The group told the stock exhange that the proceeds will be used to fund its 1,200 megawatt natural gas-fired combined cycle power plant in Pulau Indah, Selangor and Labuan property development project.
Tadmax proposed to place up to 107.63 million new shares, representing 20% of its issued share capital to independent third party investor to be identified later.