KUALA LUMPUR (July 16): Xinghe Holdings Bhd has aborted its planned private placement of up to 10% of its issued share capital to raise up to RM18.32 million.

In a filing with Bursa Malaysia, Xinghe said the deadline for it to fully implement the private placement has lapsed today.

"The company does not wish to seek any extension of time for the private placement," it added.

On Oct 16 last year, Xinghe had proposed to place out new shares to third party investors to be identified later to raise up to RM18.32 million, mainly for working capital or funding future investments or business projects in Malaysia, as well as expenses relating to the proposed exercise.

The private placement would have involved up to 352.28 million new shares or 10% of its total number of issued shares at an issue price to be determined and announced later.

Xinghe shares closed 0.5 sen or 11.11% at 5 sen today, with 23.12 million shares done, bringing a market capitalisation of RM128.68 million.