Vortex Consolidated to raise up to RM33.8 mil via private placement

TheEdge Tue, Jul 06, 2021 11:01pm - 2 years View Original


KUALA LUMPUR (July 6): ACE Market-listed Vortex Consolidated Bhd is planning to raise up to RM33.8 million via private placement and warrant issuance mainly to fund a mixed property development project named The Louvre.

In a filing to Bursa Malaysia today, it said the proposed private placement of shares with warrants entailed the issuance of up to 291.35 million placement shares, together with up to 145.67 million placement warrants, on the basis of one placement warrant for every two placement shares.

Vortex Consolidated said its wholly-owned subsidiary Paris Dynasty Land Sdn Bhd (PDLSB) is currently involved in The Louvre, a project comprised of lifestyle retail shops and serviced apartments located at Country Heights, Kajang, Selangor.

“Estimated gross development value for The Louvre is RM345.42 million and the project has commenced in March 2015 and expected to be completed in June 2022. The percentage of completion as at March 31, 2021 stood at 41.87%,” it said.

As at March 31, 2021, PDLSB has incurred development and other related costs of RM167.32 million for the project.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.460
HM 0.115

Comments

Login to comment.