KUALA LUMPUR (Oct 4): Sentoria Group Bhd, property developer and operator of Bukit Gambang Resort City in Pahang, has proposed to raise up to RM16.62 million via a private placement of up to 10% of its total issued shares to third party investor(s) to be identified later.
Sentoria said proceeds from the proposed private placement will be used for working capital.
In a bourse filing today, the theme park operator-cum-property developer said the proposed private placement entails the issuance of up to 77.31 million new shares, representing not more than 10% of its total issued shares at an issue price to be determined later.
As at Sept 20, Sentoria's issued share capital stood at RM161.78 million comprising 567.28 million shares (including 9.6 million treasury shares).
Assuming the placement shares are issued at an indicative issue price of 21.5 sen each, which represents a discount of 8.51% to the five-day volume weighted average market price of Sentoria shares of 23.5 sen apiece up to Sept 20, the proposed exercise is expected to raise between RM11.99 million and RM16.62 million.
"The proceeds from the proposed private placement have been earmarked for ongoing property development projects such as Phase 4 of Taman Indera Sempurna 3 in Kuantan and B4 and B5 of Borneo Samariang Garden 6 in Kuching," said Sentoria.
Affin Hwang Investment Bank Bhd has been appointed as principal adviser and placement agent for the proposed private placement, which is expected to be completed by the first quarter of 2020.
Sentoria shares closed up one sen or 4.76% at 22 sen today, with 437,900 shares done, bringing a market capitalisation of RM122.69 million.