Handal plans private placement


In a filing with Bursa Malaysia, the oil and gas firm said it plans to issue 49.48 million new shares, which represent up to 20% of its total number of issued shares.

PETALING JAYA: Handal Energy Bhd has proposed a private placement to raise up to RM11mil for debt repayment and working capital.

In a filing with Bursa Malaysia, the oil and gas firm said it plans to issue 49.48 million new shares, which represent up to 20% of its total number of issued shares.

The company expects to raise gross proceeds of up to RM11.13mil based on an assumption of an issue price of 22.5 sen per placement share.

Of this proceeds, Handal said about RM4mil would be used for repayment of borrowings and RM6.8mil for its working capital and the remainder for the exercise fees.

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