KUALA LUMPUR: Three-A Resources Bhd plans to raise up to RM62.09 million from a proposed share placement exercise of which the proceeds would be used to finance its investments and/or working capital requirements.

The company said on Friday, July 2 the share placement would involve up to 36.96 million new shares, representing 10% of its paid-up.As at June 24, its paid-up is RM73.92 million comprising of 36.96 million shares.

'The company proposes to place out the placement shares to third party investors. At this juncture, the placees have yet to be identified,' it said.

Three-A said the raising funds via a private placement would be most appropriate to raise funds as it would enable the group to raise funds without incurring interest cost as compared to bank borrowings.