PETALING JAYA: DSR Taiko Bhd is proposing to undertake a private placement of up to 15.6 million new ordinary shares, at an illustrative issue price of 82 sen a share, to raise proceeds mainly for the acquisition of new durian plantation land.

The number of shares raised would be 5% of the existing total number of issued shares, to be placed with independent third-party investors, who would be identified at a later stage together with a confirmed issue price.

In a filing with Bursa Malaysia, the group stated it plans to allocate RM8mil of proceeds to be raised to buy durian plantation land within the next 24 months.