By Gho Chee Yuan
KUALA LUMPUR (Jul 11) -- Malaysian civil engineering company Mudajaya Group said Tuesday it plans to raise up to 75.45 million ringgit ($17.56 million) via a private placement of shares based on an indicative issue price of 1.25 ringgit apiece.
The shares placement will involve the issuance of up to 10% of the total number of issued shares of Mudajaya, the company said in a stock exchange filing.
Proceeds raised from the exercise will be used primarily for construction of new power concession asset and working capital, it added.
Mudajaya aims to complete the exercise by third quarter, pending approval from Bursa Securities and other relevant authorities.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
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