BINA PURI EYES UP TO RM13M FROM PRIVATE PLACEMENT

PETALING JAYA: Bina Puri Holdings Bhd proposed a private placement to raise up to RM13.06 million for working capital and repayment of bank borrowings. The construction and property developer said the private placement entails an issuance of up to 26.13 million placement shares, representing not more than 10% of its enlarged issued and paid-up share capital. Based on an assumed issue price of 50 sen per placement share, it is expected to raise up to RM13.06 million. Bina Puri said the private placement is found to be an appropriate avenue of fundraising without incurring interest cost and allows for money to be raised on an “as needed” basis.