Menang aborts private placement plan

One of the projects of Menang Corp - Artist's impression

PETALING JAYA: Menang Corp (M) Bhd has called off its private placement exercise to raise about RM21mil for debt repayment.

In a filing with Bursa Malaysia yesterday, the company said it will raise funds through other means to repay its borrowings.

In April, Menang announced the proposed private placement to issue 48.08 million shares or 10% of its share capital at an indicative issuance price of 44.5 sen.

It said the proceeds will be used to reduce the company’s debt of RM557.18mil as of Dec 31, 2020.

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