Group managing director Datuk Foo Chu Jong said on Friday the company's current unbilled orderbook for its construction business was RM230mil.
"Our current property projects include the mixed development at Ayudhaya, Thailand, service apartments at Jalan Pahang, Kuala Lumpur, which has a gross development value of RM96mil and RM144mil, respectively," he was quoted saying by Bernama at the EGM.
Prinsiptek's core activities are construction, development of residential and commercial properties and trading of building materials.
The company had on Friday obtained shareholders' approval for a corporate exercise to raise RM34mil via a rights issue which would enable the company to expand its property development business.
Foo expected the corporate exercise to be completed by the fourth quarter of the year.
"The corporate exercise entails a proposed par value reduction via the cancellation of 40 sen of the par value of every existing share of 50 sen each.
"Going forward, we are confident that the liquidity and financial flexibility of Prinsiptek will be improved, together with the business opportunities arising from the proceeds raised," Foo said.
Based on the indicative issue price of 18 sen per rights share, the company targets to raise RM34.231mil and the company intends to use RM33.13mil for property development and future land acquisition. - The Star
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