KUALA LUMPUR (Oct 18): Seni Jaya Corp Bhd plans to place out up to 29.12 million shares, or 10% of its issued share capital, to third-party investors who have yet to be identified.

The outdoor advertising services provider said based on an indicative price of 46.6 sen per placement share, the private placement is expected to raise RM13.57 million under the maximum scenario.

The group said the proceeds are intended largely for the B-Star Verse exhibition project and expenditure in relation to the LRT Ampang Line project, and the upgrading of existing billboards to digital billboards.

In a filing with Bursa Malaysia, Seni Jaya said it had not undertaken any other equity fundraising exercises in the past 12 months.

The private placement is expected to be completed by the fourth quarter of this year, the group said.

Kenanga Investment Bank Bhd has been appointed as the adviser and placement agent for the corporate exercise.

Shares in Seni Jaya finished two sen or 3.31% lower at 58 sen on Wednesday, giving the group a market capitalisation of RM112.46 million.