Bina Puri seeking more funds

Bina Puri seeking more funds
Business & Markets 2013
Written by Kamarul Anwar of theedge.com
Monday, 15 April 2013 10:30


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KUALA LUMPUR: BINA PURI HOLDINGS BHD [] has proposed to undertake a private placement of up to 44.11 million shares to raise funds which will finance the builder’s capital needs and repay its bank loans.

In a filing with Bursa Malaysia last Friday, Bina Puri said the exercise includes 88.22 million free detachable warrants.

The company said the issue price for the shares will be fixed at a later date after receiving the relevant approvals.

The firm said the shares will not be priced at a discount of more than 10% of the five-day volume weighted average market price of the stock before the price fixing date.

The issue price will also not be less than the par value of RM1.

“Bina Puri’s shares have been trading below their par value of RM1 for the past one year prior to making this announcement,” the company said.

Should it be able to fix the issue price at RM1, Bina Puri expects to raise gross proceeds of up to RM44.11 million.

The private placement, it said, is not expected to have an immediate material effect on its earnings for the financial year ending Dec 31, 2013.


This article first appeared in The Edge Financial Daily, on April 15, 2013.