PLS Plantations Bhd has proposed to give out 19 million new shares in the durian planter to CIMB Group Holdings Bhd ex-chairman Datuk Seri Nazir Razak under a private placement of up to 10% of the total number of issued shares in the company. The aim is to improve its public shareholding spread and raise money to finance the expansion of its existing business.
In a filing with Bursa Malaysia today, PLS said the private placement, which includes share placements to other independent third party investors, will also enable the company to raise funds to partially repay the group’s bank borrowings.
PLS stated is has entered into a subscription agreement with Nazir, who is currently the chairman and founding partner of Ikhlas Capital Singapore Pte Ltd, a private equity firm based in Singapore with presence in Malaysia, Jakarta and Manila.
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