PETALING JAYA: Mudajaya Group Bhd plans to embark on a private placement exercise to raise up to RM16.6 million for repayment of borrowings and working capital.
The group said in a filing with Bursa Malaysia that the private placement represents up to 10% of its total number of issued shares, which will be placed out to third party investors to be identified later.
Based on the indicative issue price of 26.5 sen per share, the private placement is expected to raise gross proceeds of up to RM16.6 million.
