KUALA LUMPUR: Kumpulan Powernet Bhd (KPower) has proposed to undertake a private placement of its shares worth RM51.31mil to individuals and entities, of which the proceeds are to be utilised for working capital for construction business, general working capital and estimated expenses in relation to the proposals
KPower said the value was derived with an assumption of an indicative price of RM1.75 per placement share.
KPower said in a statement today that this involves up to 29.31 million shares in KPower or up to 58.63 million new subdivided shares, representing up to 35% of the company’s issued ordinary share capital.
The placement shares would be allocated to Datuk Dr Mohd Karim Abdullah with a total number of placement shares of 9.4 million or 18.8 million subdivided shares which represents 11.22% placement shares to the company’s issued share capital. — Bernama
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