Borneo Oil targets over RM35mil from private placement

KUCHING: Borneo Oil Bhd is eyeing to raise up to RM35.3mil from a proposed private place- ment to finance its diversification into mineral exploration and production activities, as well as for investment in a new food processing plant here.

The planned exercise will involve an issuance of up to 20% of its issued and paid-up share capital, and will be implemented after a proposed par value reduction to offset its accumulated losses.