|  | 

Property News

TWL Holdings to raise RM23.51 mil for Rumah Selangorku project via share placement

KUALA LUMPUR (Sept 27): TWL Holdings Bhd has proposed to undertake a private placement of up to 10% of its issued shares to raise up to RM23.51 million, mainly to fund the group’s development costs of 715 units of affordable housing under the Rumah Selangorku scheme.
In a bourse filing on Wednesday, the property development and construction firm said the private placement exercise entails the issuance of up to 810.8 million shares — which is 10% of its share base amounting to 4.62 billion issued shares plus outstanding warrants of 1.34 billion and 2.14 billion of redeemable convertible unsecured loan stock — to third-party investors to be identified later, at an issue price to be fixed later.
Based on an assumed issue price of 2.9 sen per share — which is a 7.05% discount to the five-day volume-weighted average market price of TWL’s shares up to Sept 7 of 3.12 sen — the exercise is expected to raise RM23.51 million in proceeds.
From the total proceeds, TWL proposed to utilise RM23.31 million to fund its property development costs for the development of 715 units of affordable housing under the Rumah Selangorku scheme in Damansara, Selangor (EN10 project).
Meanwhile, the remaining RM200,000 will be used for the private placement expenses.
“The company wishes to undertake the proposed private placement to part-finance the remaining property development cost for the EN10 project after considering the delay in obtaining in the APDL (advertising permit and developer’s licence) — the group wishes to raise funds expeditiously for the project’s funding requirements,” it said.
The group is expected to receive the relevant approvals for the EN10 project including the development order, building plan and APDL by the third quarter of 2023.
Meanwhile, the exercise is expected to be completed within six months from the date of the approval from Bursa Securities.
Shares of TWL finished unchanged at three sen on Wednesday, with a market capitalisation of RM140.43 million.
Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!

Source: EdgeProp.my

Latest News


Your email address will not be published. Required fields are marked *

Name *

Email *