Tropicana plans placement to raise RM120mil

In filing with Bursa Malaysia, Tropicana said that based on an illustrative price of 83 sen per placement share, the gross proceeds from the proposed private placement were about RM120.13mil.

PETALING JAYA: Tropicana Corp Bhd has proposed to undertake a private placement to raise up to RM120.13mil to finance its property development projects and as working capital for existing shopping mall and hotels.

The property developer said the proposed exercise would entail the issuance of up to 10% of the company’s existing issued shares (excluding treasury shares) to third-party investors at a price to be determined later.