KUALA LUMPUR: Property company Majuperak Holdings Bhd plans to raise RM20.96mil from placing out its shares as it seeks to boost its operations and explore new opportunities.
Under this corporate exercise, it planned to issue up to 56.66 million new shares, not more than 20% of its issued shares. This is based on an indicative issue price of 37 sen per share.
Majuperak said this placement exercise also takes into account the additional Covid-19 relief measures granted by Bursa Securities on April 16 last year.
Of the RM20.96mil, it said RM7mil would be for a facility management project involving providing clinical support service for four Health Ministry clinics in Terengganu in addition to the 10 clinics already serviced by the group.
It said RM11.46mil would be for administrative and operating expenditure for its operations for the year ahead. It would use the remaining RM2mil to settle its existing overdraft facility.
Majuperak group CEO Nizran Noordin said the funds raised from the share placement would provide additional working capital quickly.
“Given the unprecedented and challenging times we are faced with due to the Covid-19 pandemic, we are undertaking this exercise to ensure we are able to sustain the growth momentum the group has been experiencing, ” he said.
The share placement is expected to be completed in the second quarter of this year.