Utusan Melayu halt its proposed private placement

by TMR

Utusan Melayu (Malaysia) Bhd has decided to halt the proposed private placement of  up to 10% of the issued shares of the company to third party investors announced in August.
 
In an exchange filing yesterday, the publishing group noted the it has decided to abort the proposed private placement as the board is currently in the midst of formulating its regularisation plan to address the Company’s status as an affected listed issuer under Practice Note 17 and any fund raising by the company would form part of the regularisation plan.
 
In August, Utusan proposed a private placement to raise RM2.1 million. The proceeds were intended to be utilised by Utusan and its subsidiaries to repay bank borrowings (RM2.00 million) in three months and estimated expenses in relation to the proposed private placement (RM100,000) in one month.

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