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KUALA LUMPUR, Malaysia (July 6): Vortex Consolidated Bhd, which is listed on the ACE Market, is to raise up to RM33.8 million through a private placement and warrant issuance, primarily to fund a mixed-use development project called The Louvre.
The planned private placement of shares with warrants, according to a filing to Bursa Malaysia today, comprised the issue of up to 291.35 million placement shares, as well as up to 145.67 million placement warrants, on the basis of one placement warrant for every two placement shares.
The Louvre, a project comprising of lifestyle retail outlets and serviced apartments located at Country Heights, Kajang, Selangor, is currently being developed by Vortex Consolidated’s wholly-owned subsidiary Paris Dynasty Land Sdn Bhd (PDLSB).
“The Louvre’s estimated total development value is RM345.42 million, with construction beginning in March 2015 and projected to be finished in June 2022. As of March 31, 2021, the completion percentage was 41.87 percent “It stated, “rcent.”
PDLSB has spent RM167.32 million on development and other related costs for the project as of March 31, 2021.
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