Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on March 28, 2017.

 

KUALA LUMPUR: O&C Resources Bhd (OCR) seeks to raise up to RM58.59 million through issuance of up to 97.65 million new shares in OCR, representing up to 10% of its enlarged issued shares, for operating expenditure of existing projects and to pay staff costs.

In a filing with Bursa Malaysia yesterday, OCR said it intends to place out the placement shares to independent third-party investors to be identified later.

Subject to market conditions and the timing of identifying placees, OCR plans to implement the proposed private placement in one or more tranches within six months from the date of approval by Bursa Securities.

“The implementation of the placement arrangement in multiple tranches would provide flexibility for the company to procure interested investors to subscribe for the placement shares within the approval period, as approved by Bursa Securities,” it said.

“If issued in multiple tranches, the issue price for each tranche of the placement shares may be determined separately,” OCR said. Based on an indicative issue price of 60 sen per placement share, gross proceeds of up to RM58.59 million are expected to be raised.

It intends to utilise the proceeds for its affordable housing development scheme with Yayasan Pahang in Pahang and its housing project on 8.7 acres (3.52ha) of land in Teras Jernang in Bangi, Selangor.

OCR shares were up 0.5 sen or 0.82% to close at 61.5 sen yesterday, with a market capitalisation of RM147.27 million.

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