KUALA LUMPUR (Nov 4): Symphony Life Bhd has proposed a private placement to raise up to RM38.18 million, mainly for funding its property development projects and working capital.

In a filing with Bursa Malaysia on Wednesday (Nov 3), Symphony Life said the placement will entail the issuance of up to 80.06 million placement shares to be placed to independent third-party investors.

Based on an illustrative issue price of 47.69 sen, the exercise is expected to raise up to RM38.18 million, of which RM13 million will be for property development projects, RM24.03 million for working capital with the remaining RM1.15 million for the estimated expenses for the proposed private placement.

Symphony Life noted that the proceeds will help to further ease its cash flow.

This, it said, is after taking into consideration the business disruptions of the existing businesses of the group due to the implementation of Movement Control Orders (MCOs) by the government to curb Covid-19 cases and to ensure smooth completion of future property development projects.

“This will aid the company in its effort to continuously improve its financial performance and to enhance value for the shareholders," it added.

According to Symphony Life, the private placement is expected to be made within one month from the date of this announcement and to be completed by the first quarter of 2022.

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