KUALA LUMPUR (Dec 18): Loss-making Pegasus Heights Bhd plans to raise up to RM80.31 million — a quarter of its current market capitalisation of RM316.81 million — through a private placement of up to 2.92 billion shares or 20% of its total issued share.
The placement is estimated to raise between RM58.08 million and RM80.32 million, Pegasus said in a filing with Bursa Malaysia.
The group plans to use RM64.5 million of the gross proceeds under the maximum scenario to fund its working capital requirement.
It plans to spend another RM16 million for the upgrade and maintenance works of its 24-year-old Centerpoint Seremban Mall.
Pegasus said the issue price of the new shares, and the third party investors, will be decided at a later date.