KUALA LUMPUR: Ecofirst Consolidated Bhd
has entered into a conditional subscription agreement to raise up to RM70mil by issuing redeemable convertible preference shares (RCPS) to fund property development projects, future development land acquisitions, and working capital.
In a filing with Bursa Malaysia, EcoFirst said the proposed exercise entailed the issuance of up to 70 million new 5% RCPS at RM1 each to Advance Opportunities Fund and Advance Opportunities Fund I.
Under the maximum fundraising scenario, the company said it intends to allocate RM30mil for pre-development costs of three property development projects, RM20mil for future development land acquisitions, and RM14.89mil for general working capital.
