KUALA LUMPUR: Country Heights Holdings Bhd (CHHB) seeks to undertake a proposed private placement to raise RM58.81mil.

       In a filing with Bursa Malaysia, the property developer said the exercise entails up to 54.71 million new shares representing 20% of its existing shares.

       “The proposed private placement will serve as an additional source of funding for the group without incurring interest expenses as compared to borrowings.

       “It will improve the liquidity and financial flexibility of the group by strengthening its financial position,” it said.

       Of the total proceeds, the group said RM10mil would be utilised for repayment of bank borrowings, construction cost (RM12mil), expansion of its healthcare division (RM15mil), mobile application development cost (RM15mil) and general working capital, among others. — Bernama