Construction firm KSH Holdings has placed out nearly 29 million treasury shares at 30.5 cents each, raising net proceeds of $8.67 million for working capital.
The shares were placed out to managers and investors such as ICH Capital, GinkoAGT Global Growth Fund and Lion Global Investors who are trying to hitch the ride up this current construction up cycle.
According to KSH, these treasury shares were all accumulated over years of share buybacks.
At 30.5 cents, the shares were a discount of 6.44% to the volume-weighted average price of 32.6 cents for trades done on Aug 20.
“The interest from institutional funds and individual investors for this placement demonstrates confidence in KSH’s long-term prospects," says executive chairman and managing director Choo Chee Onn.
"We appreciate the unwavering support from our shareholders as we pursue long-term growth," he adds.
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Evolve Capital Advisory and Maybank Securities were the placement and sub-placement agent respectively.
KSH Holdings closed at 37 cents on Aug 21, up 10.61% for the day and up 73.81% year to date.
