KUALA LUMPUR: Engineering firm Bintai Kinden Corp
Bhd is planning to raise as much as RM58.4mil by selling new shares to fund its expansion into property development.
The proposed private placement of up 114.6 million new shares, at an indicative price of 51 sen each, will expand the group's share capital by 30%.
Proceeds from the exercise will be utilised mainly for property projects in Penang and Melaka.
"The Board is of the view that the Mixed Development Projects provides the Company with an opportunity to participate in the development of two pieces of prime land into an attractive property development project in Melaka and Penang," it said.
...