Key Asic falls 10.91% on private placement plan

PETALING JAYA: Shares of Key Asic Bhd fell 10.91% this morning, on news that it is undertaking a private placement to raise up to RM66.82 million to fund its working capital.
At 11.16am, the stock, which was among the most active counters, stood at 24.5 sen with 15.7 million shares changing hands. Its market capitalisation stood at RM244.8 million.
Key Asic said the exercise will strengthen its capital position and provide the group with the necessary funds for working capital for its operations.
Its working capital requirements include the payments of cost of sales, salaries, office rental and electronic design automation tools.
The placement shares represent up to 25% of the company's total number of issued shares and will be placed to third party investors to be identified at a later date.