PETALING JAYA: Central Global Bhd
(CGB) has proposed a private placement of up to 10% of its issued shares to raise between RM79.3mil and RM83.3mil, mainly to fund its ongoing construction projects and working capital.
The company said about 80% of the proceeds, or RM64mil to RM67mil, would be used to finance two existing projects, namely the Lahad Datu water supply system and the Pan Borneo Highway upgrading works.
“The proposed private placement will enable the group to raise additional funds primarily to fund the group’s existing construction projects and general working capital,” CGB said in filing with Bursa Malaysia yesterday.
The Lahad Datu project, valued at RM290.3mil, was 94.3% completed as at Aug 27, while the RM618.3mil Pan Borneo project was 22.4% completed.
CGB currently has four ongoing construction projects with a combined contract value of RM1.1bil, of which RM513.5mil remained outstanding.
