PETALING JAYA: AHB Holdings Bhd has proposed to undertake a private placement of up to 10% of the total number of issued shares to raise up to RM7.28 million for working capital as well as capital expenditure. In a filing with Bursa Malaysia yesterday, the group said the indicative issue price of the placement shares is assumed at 31.5 sen per placement share, which represents a discount of about 9.46% to the five-day volume weighted average market price of AHB shares up to Sept 19, 2017. Based on the indicative issue price of 31.5 sen per placement share, the proposed private placement is expected to raise gross proceeds of up to approximately RM7.28 million. Of the proceeds raised, RM5.6 million has been allocated for working capital, RM1.45 million for capital expenditure and the remaining for estimated expenses related to the exercise. The placement shares will be placed out to third party investors to be identified at a later stage and TA Securities Holdings Bhd, the adviser for the proposed private placement, was appointed as the placement agent. The exercise which will need Bursa Securities's approval, is expected to be completed within six months from the date of the approval. The stock went down by 1.45% to 34 sen on Wednesday with some 851,000 shares traded.