July 7, 2021

Vortex Aims To Raise RM33.8 Million Through Private Share Offer

 The ACE Market -listed company, Vortex Consolidated Bhd, plans to raise up to RM33.8 million through private share offerings and warrant issuance primarily to finance the mixed -use property development project, The Louvre.

Vortex in a filing to Bursa Malaysia yesterday said the proposed offering of private shares with warrants involved the issuance of up to 291.35 million share offerings with a warrant offering of up to 145.67 million on the basis of one warrant offering for every two share offerings.

According to Vortex Consolidated, its wholly -owned subsidiary, Paris Dynasty Land Sdn Bhd (PDLSB), is currently involved in The Louvre, a project that includes lifestyle retail stores and serviced apartments located in Country Heights, Kajang, Selangor.

“The estimated gross development value for The Louvre is RM345.42 million and this project was started in March 2015 and is expected to be completed in June 2022.

"The completion percentage on March 31, 2021 is 41.87%," he explained as reported by Bernama.

As of March 31 this year, PDLSB has incurred development costs and other related costs of RM167.32 million for this project.