Cocolnd ... Jan10

Cocoaland Holdings Bhd has proposed to place out up to 12 million new shares of 50 sen each, representing up to 10% of its issued and paid-up share capital.

The proposed private placement would provide the group with additional working capital expeditiously. The enlarged capital base shall also strengthen the company’s balance sheet.

Currently, its issued and paid-up share capital is RM60mil comprising 120 million shares of 50 sen each. Assuming an indicative issue price of RM1.264 per placement share, it was expected to raise gross proceeds of approximately up to RM15.2mil pursuant to the proposed private placement.

It plans to utilise RM15.1mil as working capital and RM80,000 to defray expenses relating to the proposed private placement.
The proposed private placement is expected to be completed by the second quarter of this year.