PETALING JAYA: Mi Technovation Bhd has proposed to undertake a private placement to raise up to RM270.68mil to expand its business.

       The semiconductor company said the exercise would involve up to 10% of its share capital, or 82.025 million placement shares, that would be issued to third-party investors to be identified at an issue price to be determined later.

       In a filing with Bursa Malaysia, it said that based on an illustrative price of RM3.30 per placement share, the exercise would raise about RM270.68mil.

       Of the total, Mi Technovation is expected to allocate RM187mil to expand the group’s business, RM15mil to repay bank borrowings and RM64.18mil for working capital.