Hubline shares flat on proposed private placement

PETALING JAYA: Hubline Bhd's share price was flat at 10 sen this morning following its plans to undertake a private placement exercise to raise up to RM23.02 million.
At 10.33am, the stock stood at 10 sen with 3.75 million shares changing hands. Its market capitalisation stood at RM213.4 million.
Last Friday, the shipping group said bulk of the proceeds raised will be used to repay its bank borrowings, amounting to RM113.85 million, which will be deployed within a year.
The remaining will be used to partially pay the outstanding payment owed to creditors in relation to its container shipping business, working capital and to finance expenses stemming from the private placement exercise.