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Hot Stock Gadang dips 1% after issue price for private placement fixed at RM1.85
by Cals Wed 20 Apr 2016, 01:39
- Hot Stock
[size=28]Gadang dips 1% after issue price for private placement fixed at RM1.85
By Sangeetha Amarthalingam / theedgemarkets.com | April 19, 2016 : 3:14 PM MYTKUALA LUMPUR (April 19): Gadang Holdings Bhd's shares dipped 1.01% to RM1.97 after the company fixed the issue price for its proposed private placement at RM1.85.
In a filing with Bursa Malaysia today, Gadang said the issue price represents a discount of about 7.82% to the five-day volume weighted average market price up to April 18 of RM2.0069.
"The payment from the placee(s) are expected to be received within five market days from the price fixing date," Gadang added.
Gadang announced the private placement, involving up to 10% of the company's issued and paid-up capital on March 7.
The multi-interest group expects to raise gross proceeds of up to RM44.2 million to be used for property development expenses and future land or project acquisition.
At 2.34pm, Gadang was down two sen at RM1.97 with 139,800 shares done for a market capitalisation of RM465.5 million.
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