CCM Fixes Placement Share Price At RM1.32 - Chemicals Company of Malaysia Bhd (CCM) has fixed the issue price for its proposed placement at RM1.32 per share.
In its announcement on Tuesday, CCM noted that the issue price represents a discount of approximately 8.2% to the five-day VWAP of CCM shares up to and including Oct 3, 2017.
The gross proceeds to be raised from the placement amounts to approximately RM60mil, which will go towards partial repayment of bank borrowings and the acquisition of the minority interest in CCM Chemicals Sdn Bhd and/or capital expenditure for the chemicals and polymers business.
Trading in CCM was halted on Wednesday morning trade, and will resume from 10am.
At the previous close, the counter was trading at RM1.41 per share.
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