Key Asic to raise up to RM66.82 million via private placement

PETALING JAYA: Key Asic Bhd proposes to undertake a private placement to raise up to RM66.82 million to fund its working capital.
The company said the placement shares represent up to 25% of its total number of issued shares and will be placed to third party investors to be identified at a later date.
Its working capital requirements include the payments of cost of sales, salaries, office rental and electronic design automation tools.
Key Asic noted that the proposed private placement will strengthen its capital position and provide the group with the necessary funds for working capital for the operations.
At 12.30pm, its shares were unchanged at 29 sen on some 11.71 million shares done.