NCT Alliance Bhd, a developer of real estate, has proposed a private placement to generate up to RM48.37 million for operating capital and to support property development operations.
NCT stated in a filing with the stock exchange on Friday that the planned private placement would involve the issuing of up to 120.93 million new shares, or 10% of the total number of shares issued, to a person or persons to be named at a later time.
The issued share capital of NCT as of September 14 was RM269.52 million, consisting of 1.06 billion shares.
The proposed corporate exercise is anticipated to generate gross proceeds of between RM42.59 million and RM48.37 million at an issue price of 40 sen per placement share. When compared to the five-day volume-weighted average price of NCT shares on September 14 of 40.68 sen, the issue price of 40 sen indicates a 1.7% discount.
The proposed private placement is anticipated to close by the first half of 2023, excluding any unanticipated events.
AmInvestment Bank Bhd has been chosen to serve as the exercise's primary consultant and placement agent for NCT.
On December 8, 2021, NCT concluded a private issue of 150 million new shares in which it raised RM69.06 million. This money was principally used to finance the company's mixed development project in Genting Highlands, Pahang. The private placement's earnings have already been used in full.
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