Vizione gets time extension for private placement

PETALING JAYA: Bursa Malaysia Securities Bhd yesterday granted Vizione Holdings Bhd an extension of time until Oct 26, 2018 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, whereby 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 used by the group as expenditure for its construction projects.

The exercise will enable Vizione to raise funds to undertake the Semenyih project and the 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.