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KUALA LUMPUR (Aug 16): Eversendai Corp Bhd has proposed to place out new shares to Macquarie Bank Ltd to raise up to RM75.84 million, mainly for repayment of short-term borrowings.
The group plans to use up to RM70 million or 92% of the proceeds for the repayment of borrowings. Another RM4.84 million will be used for working capital and the remainder to finance the placement exercise. In a filing with Bursa Malaysia yesterday, Eversendai said the private placement will involve up to 77.39 million new shares or 10% of its total issued shares. The issue price will be fixed later.
Eversendai had 774 million shares as at Monday, of which 101,000 were held as treasury shares. The group said the issue price of each tranche of the placement shares will be based on the volume weighted average market price of Eversendai shares for the five market days immediately prior to the price-fixing date, with a discount of not more than 10%.
Subject to the relevant approvals being obtained and barring any unforeseen circumstances, the company expects the proposed private placement to be completed by the first quarter of 2018.
This article first appeared in The Edge Financial Daily, on Aug 16, 2017.
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