KUALA LUMPUR (July 25): Aturmaju Resources Bhd has decided to abort its proposed private placement after considering current market conditions, including the deteriorating price of its shares.

In a filing to Bursa Malaysia today, the group said it will explore alternative methods of fundraising to meet its funding requirement.

Under the private placement announced on April 18, the group sought to raise up to RM2.41 million for the reconstruction of its sawmill building plant and the reconditioning of its machinery.

Aturmaju's share price closed up three sen or 10.35% at 32 sen today for a market capitalisation of RM19.55 million. Over the past 12 months, the stock has plunged 67.18%.