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JIANKUN International Bhd has proposed a private placement of up to 30% of its issued shares to raise RM22.7 million, alongside a share-based acquisition of the remaining 70% stake in JKI Development Sdn Bhd for RM42 million.
The company also plans to issue 39.7 million new shares to settle RM8.7 million in liabilities and amend its constitution to allow for future issuance of irredeemable convertible preference shares (ICPS).
Jiankun said the exercises aim to strengthen its earnings base, improve its balance sheet, and provide funding for construction and working capital.
Completion is targeted by the fourth quarter of 2025. — TMR
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