Bina Puri exploring fund raising to finance projects

KUALA LUMPUR: Bina Puri Holdings Bhd is exploring various fundraising possibilities including the private placement to meet its interim funding for ongoing construction and property development projects.

In an announcement to Bursa Malaysia on Monday, it said the interim funding would also be to repay bank borrowings and working capital as the earlier proposal of a share placement only would be insufficient.

The company had on July 10 announced it was looking into placing out 10% of its paid-up capital or 76.40 million shares to raise between RM5.57mil and RM9.08mil.

Bina Puri cited the Covid-19 pandemic and the movement control order (MCO) from March 18 had caused the suspension of its construction and property development activities.

Although its activities had resume in May 2020 under strict standard operating procedures, its operations were disrupted and causing it experience cost overrun.

It said additional costs included demobilisation and remobilisation of machinery due to the MCO as well as payment of salaries for site workers, engineers, project directors, project supervisors and quantity surveyors, etc. despite suspension of construction and property development activities.

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Bina Puri , MCO , share placement , fund raising


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