GFM proposes private placement to raise up to RM21mil

TheStar Tue, May 08, 2018 08:30am - 5 years View Original


PETALING JAYA: GFM Services Bhd has proposed to undertake a private placement of up to 10% of its issued share capital to raise up to RM20.7mil.

The ACE Market-listed facilities management services provider said the proceeds raised would be used to part-finance its acquisition of KP Mukah Development Sdn Bhd (KPMD).

GFM had signed a share sale agreement to acquire a 100% stake in KPMD for RM130mil in January.

“The proposed private placement will provide the group with the necessary funding to part-finance the acquisition,” GFM said in a filing with Bursa Malaysia.

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