I-Bhd plans preference share issue

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.