Sersol Bhd is proposing a private placement of up to 84.9 million new ordinary shares, representing not more than 10% of the total issued shares, to third-party investors at an issue price to be determined later.

The gross proceeds from the proposed private placement, expected to be approximately RM7.31 million to RM8.5 million, will be primarily allocated towards bolstering working capital, financing potential acquisitions or investments in complementary businesses/assets, and covering expenses related to the placement.

Assuming an issue price of 10 sen per placement share, it represents a discount of about 9.83% compared to Sersol shares' five-day VWAP of 11.09 sen

TA Securities Holdings Bhd has been appointed as the adviser and placement agent for the proposed private placement, with completion within six months from the date of approval from Bursa Securities.