KUALA LUMPUR (May 16): Avillion Bhd (KL:AVI) plans to raise RM11.5 million through a private placement of 283 million new shares to refurbish one of its main hotels, Avillion Port Dickson. This plan requires shareholders’ approval.
Avillion is 21.8%-owned by Datuk Dani Abdul Daim, son of the late Tun Daim Zainuddin. After the new share placement, his stake will drop to 17.5%.
In its filing with Bursa Malaysia, the company said it plans to use RM4 million of the RM11.5 million raised from the new private placement to upgrade hotel rooms, restaurant, gym and pool, RM3.9 million for working capital and RM3 million for loan repayment.
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