KNM plans new RM55mil private placement

Under the plan, the oil and gas fabrication company will issue up to 296.9 million new shares at an assumed price of 18.5 sen each, KNM told Bursa Malaysia yesterday.

KUALA LUMPUR: KNM Group Bhd has proposed to raise up to RM54.9mil by placing out new shares to investors.

Proceeds from the exercise, which will expand its share capaital base by up to 20%, will be utilised to buy raw materials and as payment to contractors (RM33.6mil) and repay bank borrowings (RM20mil).