Bintai Kinden Corporation Berhad (KLSE:BINTAI) has proposed to undertake a private placement of up to 281.54 million shares, or 30% of its issued share capital, to third-party investors who have yet to be identified. The engineering services company said based on an indicative price of seven sen per placement share, the private placement is expected to raise MYR 19.71 million. The group is expected to utilise the majority of the proceeds to finance the group?s working capital.

?In order to continue meeting its monthly commitments for loan instalment payments, staff salaries as well as other operating and administrative expenses, the group requires an urgent injection of working capital via the proceeds to be raised from the proposed private placement,? it explained. The private placement is expected to be completed by the first quarter of next year, the group said.