KENMARK Industrial Co (M) Bhd has proposed a private placement of 24 million new shares of RM1 each, representing 15.4% of its issued and paid-up capital, at a price to be determined later and pursuant to the company's proposed global depository receipt (GDR) programme.
In an announcement to the KLSE, Kenmark said the proceeds from the private placement would be mainly used to retire bank borrowings and as working capital. The company is principally involved in the manufacture of various wood-based products including multi-purpose cabinets, audio-visual stands, computer tables and compact disc and video racks.