KUALA LUMPUR: Kinergy Advancement Bhd
has proposed a private placement of up to 218.49 million new shares, representing 10 per cent of its issued shares, to raise gross proceeds of up to RM79.75 million.
In a filing with Bursa Malaysia, the energy and engineering solutions provider said 61.9 per cent of the total proceeds, or RM49.35 million, will be used to fund its power plant in Perlis being developed by 51 per cent-owned Eentier Sdn Bhd.
It said the 1,500-megawatt combined-cycle gas turbine plant is to be developed as an independent power producer (IPP), with electricity generated to be sold to Tenaga Nasional Bhd.
Meanwhile, RM30 million will be used for repaying bank borrowings and the remaining RM400,000 to pay expenses related to the exercise.
The proposed private placement is expected to be completed by the first quarter of 2027, the company said.
In addition to the Perlis power plant project, the group has 24 projects with a total contract and concession value of RM1.35 billion, and is in the midst of tendering for 11 additional projects with a total estimated contract value of RM3.73 billion, spread across Malaysia.
"The group will continue to focus on expansion opportunities within the sustainable energy solutions segment, including the renewable energy and IPP space, as well as expand its footprint in Southeast Asia," it said. - Bernama
