PETALING JAYA: Sunview Group Bhd
has proposed a private placement of up to 10% of its issued share capital to raise funds mainly for working capital to support its engineering, procurement, construction and commissioning (EPCC) projects.
In a filing with Bursa Malaysia, Sunview said the private placement will involve the issuance of up to 56.77 million new shares to third-party investors to be identified later.
Based on an illustrative issue price of 33.5 sen per share, the exercise is expected to raise gross proceeds of up to RM19.02mil.
Sunview said the issue price will be fixed later at a discount of not more than 10% to the five-day volume-weighted average market price prior to the price-fixing date.
“About RM18.52mil of the proceeds will be used for working capital for its EPCC projects, including the purchase of solar-related materials, payments to subcontractors and operating expenses.”
