Sarawak Consolidated Industries (KLSE:SCIB) proposed a private placement of up to 65.9 million shares, comprising 10% of the total number of issued shares of the company.

The engineering services provider will determine the issue price at a later date, according to a Monday Malaysian bourse filing.

The proposed private placement is expected to be completed by the first quarter of 2025.

Proceeds will be used for the repayment of bank overdrafts, to boost working capital, and to pay off expenses.

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