PUC Founder fixes placement share price at 16 sen

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KUALA LUMPUR (Oct 20): PUC Founder (MSC) Bhd has fixed the issue price for the final tranche of its private placement of 36.91 million shares at 16 sen apiece.

The issue price represents a discount of 1.4 sen or 8.05% from the five-day volume weighted average market price of the PUC shares up to and including Oct 17, 2014 of 17.4 sen.

In July this year, PUC Founder had proposed a private placement of 84.5 million, representing 10% of its issued share capital.

It had said proceeds raised from the corporate exercise were expected to be invested in new businesses with “good growth potential” like building a solar power plant in a possible joint venture with other parties.

Shares of PUC Founder closed unchanged at 18 sen today, bringing a market capitalisation of RM160.67 million.