PETALING JAYA: OCR Group Bhd proposes to undertake a private placement to raise RM8.92 million to partly finance the construction works of its commercial building project in Bandar Sunway, Petaling Jaya.
The group’s estimated funding requirement for the construction works for the project is RM81.94 million.
It told Bursa Malaysia that the exercise will involve an issuance of up to 29.2 million new shares representing about 10% of its issued shares to independent third party investors.
Based on an indicative issue price of 30.5 sen per share, the proposed private placement is expected to raise gross proceeds of RM8.92 million.
Its share price closed unchanged at 32.5 sen today on volume of 694,000 shares.