KUALA LUMPUR: Solarvest Holdings Bhd proposes to raise up to RM56.7 million from a private placement of its shares to fund rooftop solar and green power programme projects.
It plans to place out up to six per cent of its issued shares.
Solarvest said about RM12 million will be used for capital expenditure for commercial and industrial rooftop solar projects; RM28.5 million for Capital expenditure for the secured Corporate Green Power Programme projects, RM15.5 million for working capital requirements while the rest will be for expenses for the proposed private placement.
In a filing ith Bursa Malaysia Securities, Solarvest said the proposed private placement is mainly to introduce strategic and/or institutional investors to improve Solarvest's current shareholding mix while raising the required funds for the group's business expansion.
The board of directors of Solarvest said the private placement will raise funds in an expeditious and cost-effective manner and improve the liquidity and financial flexibility of the group by strengthening its financial position and reducing the group's gearing levels.
Solarvest's share price closed one sen higher to RM1.53 a share.
