Impiana to undertake private placement


In its exchange filing, the hotel operator said it has proposed to implement a private placement of up to 20% of the total number of issued shares in Impiana to independent third party investor(s) to be identified at a later date.

PETALING JAYA: Impiana Hotels Bhd has proposed a private placement exercise to raise up to RM12.5mil.

In its exchange filing, the hotel operator said it has proposed to implement a private placement of up to 20% of the total number of issued shares in Impiana to independent third party investor(s) to be identified at a later date.

It said proceeds from the exercise would be used for repayment of bank borrowings, payment to subcontractor(s) for subcontracting works undertaken for the group’s ongoing property development project; and fund future acquisition of hospitality assets, the refurbishment and upgrading of existing hospitality assets and/or working capital.

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