KUALA LUMPUR (April 19): JAKS Resources Bhd shares fell 2.48% in early trade this morning after it said it was planning to place out up to 10% of its shares to third-party investors to raise up to RM54.97 million, four months after the group completed a rights issue with warrants that failed to raise sufficient funds required for its Vietnam power plant project.

At 9.17am, JAKS fell 2 sen to 78.5 sen with 842,200 shares traded.

The undersubscribed rights issue, which was completed in December last year with a take-up rate of only 37.52%, just managed to bring in gross proceeds of RM25.61 million, in contrast to the RM68.24 million it had intended to raise to expedite the project.