KUCHING: Kumpulan Powernet Bhd
(KPower) is expected to raise up to RM55.3mil from its private placement to fund the company’s diversification into the construction business and construction-related activities.
The company has fixed the issuance price for the private placement of more than 29.3 million shares at RM1.89 per share after shareholders approved the fund raising exercise at its EGM last week.
KPower is the third listed-entity controlled by Sarawakian tycoon Datuk Mohd Abdul Karim Abdullah to undertake the private placement in the past two months.The other two companies are Serba Dinamik Holdings Bhd and Sarawak Consolidated Industries Bhd (SCIB).
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