Cypark co-founder to raise stake via private placement

PETALING JAYA: Cypark Resources Bhd’s co-founder and group chief executive officer Datuk Daud Ahmad’s stake in the renewable energy player may increase to a maximum 14.84% from 7.81% he currently holds via a 10% private placement.

In an announcement yesterday, the company proposed to place out up to 40.98 million new Cypark shares, representing 20% of its share capital, to Daud and third-party investor(s) to raise up to RM70.07mil, based on the indicative issue price of RM1.71 per share.