Versatile Creative to raise RM6.45m via private placement

PETALING JAYA: Versatile Creative Bhd proposes to undertake a private placement to raise up to RM6.45 million for the purchase of raw materials.
It told Bursa Malaysia that the exercise will involve an issuance of up to 11.73 million new shares representing about 10% of its issued shares to independent third party investors.
Based on an indicative issue price of 55 sen per share,the proposed private placement is expected to raise gross proceeds of up to about RM6.45 million.
Versatile said it intends to use up to RM6.3 million for the acquisition of coated board, which is the main raw material of its paper box products.
Its shares were unchanged at 51.5 sen today on some 158,400 shares done.