PETALING JAYA: Matrix Concepts Holdings Bhd is looking to raise up to RM147 million via a proposed placement to fund its share of equity participation in a proposed joint venture (JV) in Indonesia.
In a filing with Bursa Malaysia, the group said it plans to undertake a proposed placement of up to 75 million new shares representing 10% of the total number of issued shares of the company.
Based on the illustrative issue price of RM1.96 per placement share, the company will raise up to RM147 million, which will be used to fund the equity participation in a proposed JV between Matrix Concepts, PT Bangun Kosambi Sukses (BKS) and PT Nikko Sekuritas Indonesia (NSI).
To recap, the company announced in October last year that it had entered into a JV agreement with BKS and NSI to jointly venture into the construction and development of an Islamic Financial District located in West Kosambi Village in the Banten Province of Indonesia.
Under the JV agreement, an incorporated company in Indonesia namely PT Fin Centerindo Satu will be the JV company for the proposed JV.
Matrix Concepts will hold a 30% stake in the JV while BKS and NSI will hold 40% and 30% respectively.
The Islamic Financial District will be an integrated mixed development comprising commercial towers with office and retail components to be developed over eight years. The first phase is expected to be launched in the second half of 2019. The project has an estimated gross development value of US$500 million (about RM2.04 billion).
Maybank Investment Bank Bhd has been appointed as principal adviser and placement agent for the proposed placement which is expected to be completed by the first half of 2019.
