KUALA LUMPUR: NWP Holdings Bhd is keen to appoint China-based contractors for the RM744.96 million affordable housing projects for which it had signed a turnkey construction heads of agreement (HoA) earlier this month. In the next two to three years, Kee said construction business will be the main revenue contributor to the group. “That is why we proposed a series of fundraising exercises lately, because we need cash flow to kick-start these projects,” Kee added. Subsequent to the announcements on the MoUs, NWP proposed a private placement of 10% of the group’s existing issued and paid-up share capital to raise necessary funds both to undertake new contracts and for working capital. Shares of NWP rose half sen or 1.82% to close at 28 sen yesterday, with a market capitalisation of RM89.6 million.

Source: The Edge Markets September 20, 2016 01:52 UTC