Benalac to undertake private placement

PETALING JAYA: Construction outfit Benalec Holdings Bhd plans to undertake a private placement exercise to raise funds primarily for its ongoing and future land reclamation projects.

In a filing with Bursa Malaysia yesterday, the company proposed to place out up to 112,221,000 new ordinary shares, representing up to 10% of its total number of issued shares. The issue price will be fixed upon receiving the approval of Bursa Malaysia.