MCE (KLSE:MCEHLDG) proposed a private placement of up to 10% of its issued shares, according to a Tuesday Malaysian bourse filing.

The manufacturer of anti-theft and keyless entry systems will determine the issue price at a later date, it noted.

Proceeds will be used for capital expenditure, to partially finance the construction of a new manufacturing factory, and to pay off expenses

Shares dropped over 2% recently.

Price (MYR): $1.58, Change: $-0.040, Percent Change: -2.47%