PETALING JAYA: Property developer I-Bhd
is proposing to issue preference shares to its major shareholder, Sumurwang Sdn Bhd, in a deal that could raise up to RM100mil.
In a filing with Bursa Malaysia, the company said the proposal calls for the issuance of up to RM100mil redeemable preference shares to Sumurwang at RM1 each.
“The proposed issuance enables I-Bhd to obtain funds mainly for settlement of advances provided by Sumurwang, its property development business, namely their existing ongoing BeCentral Residences and working capital,” it said.
