Benalec proposes private placement

Benalec Holdings Bhd has proposed to undertake a private placement of up to 112.22 million new ordinary shares or up to 10% of its total number of issued shares.

The construction group told Bursa Malaysia yesterday the issue price is to be determined later and the money will be used for its ongoing and future land reclamation projects and working capital requirements.

The proposed placement is expected to be completed by the second-quarter of 2018.