PETALING JAYA: Outdoor advertising services provider Seni Jaya Corp Bhd is proposing a private placement exercise involving the issuance of up to 8.1 million new ordinary shares, representing up to 20% of its total number of issued shares.

       At an indicative price of RM2.234 per placement share and assuming full subscription of the shares, Seni Jaya said it is expected to raise gross proceeds of RM18.1mil from the corporate exercise.

       In a statement yesterday, the company said the proceeds raised would be utilised for investment opportunities, capital expenditure and working capital needs.