KUALA LUMPUR (Nov 12): KNM Group Bhd has completed its private placement of RM97 million or 50 sen per share, which will be used to repay borrowings and for working capital.

"Against current market conditions, the exercise was successfully covered by more than three times," said KNM and Kenanga Investment Bank Bhd, which is the principal adviser and sole placement agent for the exercise, in a joint statement today.

A total of 194 million new shares or 10% of KNM's issued share capital will be issued under the private placement exercise.

"The placement was well received with overwhelming and strong demand primarily from institutional funds resulting in the book being covered several times," said K & N Kenanga Holdings Bhd group managing director Datuk Chay Wai Leong in the statement.

KNM shares closed down 0.5 sen or 0.97% at 51 sen today, bringing a market capitalisation of RM998.6 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)