KUALA LUMPUR (Sept 30): Sentoria Group Bhd aims to raise as much as RM15.31 million via a private placement, mainly for working capital requirements of its property development business.

The proposed exercise will entail the placement of up to 113.4 million new shares — representing 20% of its 557.68 million issued shares — at a price to be determined later, the property developer and resort operator said in a filing.

However, Sentoria said that based on an illustrative issue price of 13.5 sen a share — a discount of 9.46% to the five-day volume-weighted-average-market-price of its shares up to Sept 20 of 14.91 sen — it expects to raise up to RM15.31 million from the fund-raising exercise.

Of the proceeds, Sentoria said it has ring-fenced RM15.12 million for working capital requirements — RM12.1 million for operating expenses of its property development business, and RM3.02 million for its resort operating business — while the remaining RM190,000 is earmarked to defray the estimated expenses for the exercise.

The group expects the private placement to be completed by the fourth quarter of 2022.

Shares in Sentoria ended unchanged at 14 sen on Friday, giving the group a market capitalisation of RM82.26 million.