KUALA LUMPUR: Kumpulan Powernet Bhd
has proposed to issue new shares to its substantial shareholders and other investors, as the company seeks to raise funds for recently secured construction projects.
KPowernet, in a filing with Bursa Malaysia on Tuesday, said it intends place out up to 29.3 million new stocks, or 35% of the company's issued share capital.
About half the placement shares will be taken up by chairman Datuk Mohd Abdul Karim Abdullah and a company controlled by group managing director Mustakim Mat Nun.
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