Mulpha Land plans private placement for land buy
Date：2015/05/14
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KUALA LUMPUR: Property developer Mulpha Land Bhd plans to undertake a private placement of up to 10% of its issued share capital to finance a land acquisition, repay borrowings and as its working capital.
In a filing with Bursa Malaysia yesterday, Mulpha Land said the proposed private placement will be issued at any point in time to third party investor(s) to be identified at an issue price to be determined later.
“For illustrative purposes, based on the issued and paid-up share capital of Mulpha Land as at April 24, 2015 of RM22.83 million comprising 228.3 million shares, a total of up to 22.83 million shares may be issued,” the company said.
Mulpha Land said based on the indicative issue price of 82 sen per placement share, the proposed private placement is expected to raise gross proceeds of up to RM18.72 million.
According to a filing with Bursa dated April 23, Datuk Fakhri Yassin Mahiaddin, eldest son of Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin, held 75.01 million shares or an indirect interest of 32.86% in Mulpha Land via Teladan Kuasa Sdn Bhd — which made him the largest shareholder of Mulpha Land. He was appointed the firm’s executive chairman on April 18.
Mulpha International Bhd, which used to be the largest shareholder of Mulpha Land, held a direct interest of 26.89% in Mulpha Land.
It is worth noting that the share price of Mulpha Land has risen sharply since the beginning of the year but took a “U-turn” in April.
The counter was traded at 39 sen on Jan 5 and hit a multi-year high of 99 sen before closing at 93.5 sen on April 21. It closed one sen lower yesterday at 80 sen, with a market capitalisation of RM182.64 million.