KUALA LUMPUR (July 12): Mudajaya Group Bhd shares dipped 1.69% this morning after the firm proposed to raise up to RM16.6 million through a private placement to repay part of its bank borrowings and to fund its working capital.

At 9.23am, Mudajaya shed 0.5 sen to 29 sen for a market capitalisation of RM175.57 million.

The placement involves the issuance of up to 62.64 million shares, representing 10% of the group’s total number of issued shares, to third-party investors that have yet to be identified, it said.