K Europlus to raise RM58m from private placement
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K Europlus to raise RM58m from private placement
K Europlus to raise RM58m from private placement
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Wednesday, 10 July 2013 10:20
KUALA LUMPUR: KUMPULAN EUROPLUS BHD [] (KEB) plans to raise RM58 million from a private placement of up to 10% of its current issued and paid-up capital, in order to raise the necessary funds for its West Coast Expressway (WCE) project.
In a filing with Bursa Malaysia yesterday, KEB said after considering various methods of funding, it had decided that a private placement would be the most appropriate method of fund raising.
"It will allow KEB to raise the requisite funding in an expeditious manner without having to incur interest expense or service principal repayments, as opposed to bank borrowings," it said.
A total of 52.1 million new shares will be issued at RM1.11 per share, and KEB said about RM57.4 million — the bulk of the proceeds — will be injected into its 80% owned subsidiary, West Coast Expressway Sdn Bhd (WCESB).
"The actual gross proceeds to be raised from the proposed private placement is dependent on the final issue price and the number of placement shares to be issued," said KEB.
The rest will go towards expenses of the placement exercise.
The placement is expected to be completed by the third quarter of this year and will dilute the group's earnings per share, as a result of the increase in the number of shares outstanding.
IJM Corp Bhd, which has a 23% equity interest in KEB, also owns the remaining 20% of WCESB.
This article first appeared in The Edge Financial Daily, on July 10, 2013.
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Wednesday, 10 July 2013 10:20
KUALA LUMPUR: KUMPULAN EUROPLUS BHD [] (KEB) plans to raise RM58 million from a private placement of up to 10% of its current issued and paid-up capital, in order to raise the necessary funds for its West Coast Expressway (WCE) project.
In a filing with Bursa Malaysia yesterday, KEB said after considering various methods of funding, it had decided that a private placement would be the most appropriate method of fund raising.
"It will allow KEB to raise the requisite funding in an expeditious manner without having to incur interest expense or service principal repayments, as opposed to bank borrowings," it said.
A total of 52.1 million new shares will be issued at RM1.11 per share, and KEB said about RM57.4 million — the bulk of the proceeds — will be injected into its 80% owned subsidiary, West Coast Expressway Sdn Bhd (WCESB).
"The actual gross proceeds to be raised from the proposed private placement is dependent on the final issue price and the number of placement shares to be issued," said KEB.
The rest will go towards expenses of the placement exercise.
The placement is expected to be completed by the third quarter of this year and will dilute the group's earnings per share, as a result of the increase in the number of shares outstanding.
IJM Corp Bhd, which has a 23% equity interest in KEB, also owns the remaining 20% of WCESB.
This article first appeared in The Edge Financial Daily, on July 10, 2013.
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