GIIB Holdings Bhd plans to execute a private placement to raise up to RM6.56 million.

The company told the bourse today that it intends to issue new shares, up to 10% of the total issued shares, excluding treasury shares.

The actual number of shares issued will be determined later after regulatory approval.

The indicative issue price is approximately 8 sen per share.

The funds raised will be used for working capital and machinery maintenance.

The process is likely to be completed by the first quarter of 2024, with TA Securities as the appointed adviser.

GIIB operates in rubber compound manufacturing, rubber gloves, and property development.