KUALA LUMPUR: Vortex Consolidated Bhd is looking to raise about RM33.8mil through a proposed private placement of shares with warrants to fund its property development project called The Louvre.

       In a filing with Bursa Malaysia, the company proposed to place out up to 291.35 million new shares, representing up to 30% of Vortex’ share base, together with up to 145.67 million detachable warrants on the basis of one placement warrant for every two placement shares subscribed for.

       As The Louvre progresses, the company expects more expenses to be incurred.

       As at March 31, it has incurred RM167.32mil for the development and the remaining gross development cost of the project stood at RM138.75mil.