BUSINESS

PARAGON GLOBE TO ISSUE 20 PCT SHARES VIA PRIVATE PLACEMENT

21/10/2020 08:00 PM

KUALA LUMPUR, Oct 21 -- Paragon Globe Bhd expects to raise up to RM22.03 million through a private placement of up to 20 per cent of its issued shares to third-party investors.

In a filing with Bursa Malaysia today, the property development and construction company said after paying estimated expenses for the exercise, it would use the proceeds almost equally for partial settlement for the purchase of land in Johor Bahru and for the construction of a medical centre in Sepang, Selangor.

The estimated proceeds of RM22.03 million were based on an indicative issue price of 59 sen per placement share.

Paragon said it may issue up to 20 per cent of the issued shares within a period of 12 months, irrespective of when the general mandate was procured from the shareholders of the company.

The company had obtained the shareholders’ approval for the 20 per cent general mandate at its annual general meeting on Sept 28.

On April 16, Bursa Malaysia Securities Bhd had announced additional relief measures for listed issuers to ease compliance and facilitate their capital raising in a timely and cost-effective manner.

The exchange said as an interim measure, listed issuers were allowed to seek a higher general mandate of not more than 20 per cent of the total number of issued shares for new securities.

-- BERNAMA


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