KUALA LUMPUR (May 9): Shares in Gadang Holdings Bhd dipped 1.16% after it proposed a private placement to raise up to RM62.12 million via the issue of up to 82.825 million new ordinary shares, representing not more than 10% of the enlarged issue of shares of 828.257 million as at May 7. 

At 9.15am, Gadang fell 1 sen to 85.5 sen with 856,300 shares traded.

The funds would be utilised for construction projects expenditure, repayment of bank borrowings as well as expenses related to the proposed private placement.