KUALA LUMPUR (June 11): Property developer Axteria Group Bhd (KL:AXTERIA) has been granted a three month extension to implement its proposed private placement of up to 10% of its total number of issued share capital.

In a bourse filing on Tuesday, Axteria, formerly Acoustech Bhd, said it had on Aug 10 proposed a private placement of up to 10% of its total number of issued share capital, to raise RM11.3 million.

In a statement to the stock exchange, Malacca Securities on behalf of Axteria, said that Bursa Securities had vide its letter dated June 10, resolved to grant Axteria a further extension of time of three months until Sept 15, 2024 to implement the private placement.

Axteria had embarked on three rounds of private placement in the past three years, owing to the difficulty it faced in the property sector, raising RM8.5 million in 2021 and 2022 respectively, as well as RM26.7 million in February this year.

In the latest private placement exercise, the large bulk of the proceeds raised (RM9.2 million) will be used to fund the completion of its Asteria Melaka (Block C) construction and working capital. Some RM2 million is earmarked for working capital.

Axteria expects the construction of Axteria Melaka to be completed by January 2025.