Naim Indah Corporation Bhd plans to raise RM21.41mil from a proposed placement of 70.20 million new shares or 10% of its paid-up to third party investors, RM12mil would be used for working capital expenditure, RM5.81mil for capital expenditure for business expansion and RM3mil to repay borrowings

Naim Indah Corporation Bhd plans to raise RM21.41mil from a proposed placement of 70.20 million new shares or 10% of its paid-up to third party investors.

It said on Tuesday that assuming the placement shares were issued at an indicative price of 30.5 sen, the corporate exercise would raise gross proceed of RM21.41mil.

Naim Indah said the proposed placement might be implement in several tranches within six months from the date of approval.

Of the RM21.41mil, it said RM12mil would be used for working capital expenditure, RM5.81mil for capital expenditure for business expansion and RM3mil to repay borrowings. 

Source: www.thestar.com.my