Iskandar Waterfront City Bhd to raise cash by private placement

Iskandar Waterfront City Bhd to raise cash by private placement

KUALA LUMPUR, May 10— Iskandar Waterfront City Bhd plans to undertake a private placement of its shares to raise funds for the group’s property development and construction activities.

In a filing to Bursa Malaysia on Tuesday, Iskandar Waterfront said the exercise would entail the issuance of up to 66.972 million shares, representing up to 10 per cent of the company’s enlarged issued and paid-up share capital.

“Assuming the placement shares are issued at an illustrative issue price of 98.42 sen per share, the proceeds to be raised is RM65.914 million.

“Of the total, up to RM44.9 million will be utilised to pay sub-contractors, suppliers and professionals for on-going projects, RM15.2 million for land-related expenses, RM4.314 million for general working capital and RM1.5 million for the private placement expenses,” it said.

Subject to the approval of relevant authorities, the exercise was expected to be completed by the third quarter of the year.

— BERNAMA

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