Ekovest plans private placement of shares

PETALING JAYA: Ekovest Bhd has proposed a private placement of up to 269.58 million shares or 10% of the total number of its issued shares, which will help to raise funds for the construction of the Rapid Transit System Link project.

In a filing with Bursa Malaysia, the civil engineering and building group fixed an issue price for the first tranche of the proposed private placement at 43.5 sen per share, representing a discount of about 4.35 sen or 9.09% over the five-day volume weighted average market price up to and including Aug 29, 2023.

It expects to raise gross proceeds of up to RM117.27mil from the exercise.