KUALA LUMPUR (Dec 14): Nextgreen Global Bhd plans to raise up to RM32.83 million in a private placement of its shares to investors to be identified later.

In a filing with Bursa Malaysia today, Nextgreen said the proposed private placement will entail the issuance of up to 65.67 million new shares or 10% of its issued share capital.

"Based on the indicative issue price of 50 sen per placement share, the proposed private placement is expected to raise gross proceeds of up to RM32.83 million," it added.

The group intends to use the proceeds from the private placement to pay for 375 acres of land in Kg. Paloh Hinai, Pekan, Pahang, which will be used for the development of the Pekan Green Technology Park (GTP), as well as for infrastructure costs in relation to the development of the GTP and for working capital.

Barring any unforeseen circumstances, the proposed private placement is expected to be completed by the first half of 2019.

RHB Investment Bank Bhd has been appointed to act as the principal adviser and placement agent for the proposed private placement.

Nextgreen shares closed down 0.5 sen or 1.02% at 48.5 sen today, with 663,400 shares done, bringing a market capitalisation of RM222.31 million.