Ikhmas Jaya falls 2.90% on plan for private placement

KUALA LUMPUR (July 18): Ikhmas Jaya Group Bhd fell 2.90% in thin trade this morning after the company said it plans to raise some RM33.8 million via private placement to be used as general working capital, including payment to suppliers and sub-contractors.

At 9.12am, Ikhmas Jaya fell 2 sen to 67 sen with 91,000 shares traded.

The construction firm said the private placement will involve the issuance of up to 52 million new shares — equivalent to 10% of its share capital — to identified investors at an issue price to be fixed later. — theedgemarkets.com

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