Vizione gets time extension for private placement

PETALING JAYA: Bursa Malaysia Securities Bhd today granted Vizione Holdings Bhd an extension of time until Oct 26 to complete the implementation of its private placement exercise.
In January, Vizione proposed to undertake the private placement to raise gross proceeds of up to RM67.11 million, where it will place not more than 10% of the enlarged issued shares of the company to independent investors.
The proceeds raised are expected to be utilised by the group construction projects expenditures and construction projects expenditures.
The exercise will enable Vizione to raise funds to undertake the Semenyih project and Gombak project, to reduce the need of the group to rely on bank borrowings for these projects.
The first tranche of the proposed private placement was completed on April 3, after it fixed the issue price for the first tranche of up to 300 million new Vizione shares to be issued at 14 sen per share.