KUALA LUMPUR (Jan 17): Vizione Holdings Bhd has proposed a private placement of up to 406.71 million shares to raise up to RM67.11 million in order to fund its construction projects.

The proposed issuance, which amounts to not more than 10% of Vizione's share base, has an indicative share price of 16.5 sen each, the group said in its filing with Bursa Malaysia.

Of the proceeds raised, a maximum of RM32.9 million is targeted to be allocated to Vizione's construction of affordable housing in Gombak under the Rumah Mampu Milik Wilayah Persekutuan programme.

Meanwhile, a maximum of RM32.9 million would be allocated towards the construction of four office blocks in Semenyih, Selangor.

"The proposed private placement will enable the group to raise funds to undertake the construction projects, reducing the need to rely on bank borrowings," Vizione said.

Apart from a director, major shareholder or chief executive of the group, a connected person, and nominee corporations, the placement shares will be placed to independent investors who are yet to be identified.

"Subject to market conditions, the proposed placement may be implemented in one or more tranches six months within the date of approval from Bursa Malaysia," Vizione said.

The issue price will be determined and fixed by the board at a later date.

Shares in Vizione closed unchanged at 17.5 sen today, giving it a market capitalisation of RM619.24 million.