LBS Bina plans rights issue to raise up to RM165.7 milion
10 Mar 2017 / 05:39 H.
PETALING JAYA: LBS Bina Group Bhd is proposing a rights issue of redeemable convertible preference shares (RCPS) to raise up to RM165.66 million based on an indicative issue price of RM1.10 per share.
In a filing with the stock exchange, the property developer said the fundraising exercise involves the issuance of up to 150.6 million new RCPS, on the basis of one RCPS for every five existing ordinary shares held.
It said proceeds raised will be used to fund its property development projects and for working capital.
On Wednesday, LBS announced that its joint venture with YPJ Plantations Sdn Bhd will develop a piece of land in Kota Tinggi, Johor, with an estimated gross development value of RM2.6 billion.