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KUALA LUMPUR (Aug 17): Vizione Holdings Bhd has proposed to raise up to RM59.08 million via a private placement of up to 10% of its total issued shares to third party investor(s) to be identified later.
Vizione said proceeds from the proposed private placement will be used to part finance the group’s existing construction projects, as well as for payment of tender/contract deposits and/or performance bonds for new projects.
In a bourse filing yesterday, the property and construction group said the proposed private placement entails the issuance of up to 62.19 million new shares, representing not more than 10% of its total issued shares.
As at July 31, Vizione's issued shares stood at 562.28 million, in addition to 14.99 million options, 41.64 million warrants and 2.99 million 10-year irredeemable convertible unsecured loan stocks. The proposed private placement will increase the size of Vizione's issued shares to up to 684.1 million post-exercise.
Assuming the placement shares are issued at an indicative issue price of 95 sen per placement share, which represents a discount of 2.49% to the five-day volume weighted average market price of Vizione shares of 97.43 sen apiece up to July 31, the proposed exercise is expected to raise between RM53.42 million and RM59.08 million.
Barring any unforeseen circumstances, the proposed exercise is expected to be completed by the fourth quarter of this year.
RHB Investment Bank Bhd is the principal adviser and placement agent to Vizione for the proposed private placement.
Vizione shares closed unchanged at 89 sen yesterday, bringing a market capitalisation of RM500.44 million. A total of 1.2 million shares were traded.
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