PETALING JAYA: EP Manufacturing Bhd (EPMB) is undertaking a proposed private placement to raise proceeds of up to RM56.9mil.

       In a filing with Bursa Malaysia, the group said this will mainly be utilised to increase the group’s production efficiency, equipping itself with the necessary facilities for the assembly of new car models and diversify into the property development business.

       EPMB will also dispose and leaseback its Glenmarie Properties, which comprises two pieces of freehold land with buildings, to raise another RM53.5mil. The injection of fresh funds will support its working capital.