KUALA LUMPUR: Bamboo product manufacturer Kanger International Bhd plans to raise up to RM100 million via a redeemable convertibles notes (RCN) programme for expansion into property investment and management.
“The proceeds will be used to fund the expansion of dealerships, acquisition of land and construction of a commercial building, pursuant to the proposed diversification into property investment and management,” its managing director, Leng XingMin said in a statement.
He said the diversification of the group’s principal activities was in line with its long-term business strategy to strengthen its income streams.
Kanger today entered into a conditional subscription agreement with Advance Opportunities Fund and Advance Capital Partners Pte Ltd for the proposed RCN.
The RCN entails the issuance of an aggregate principal amount of up to RM100 million in four tranches with multiple sub-trances in each tranche.
It will mature on a date falling five years from the closing date of the first sub-tranche for the first tranche.
– Bernama