Quick take: LYC shares fall on news of private placement

KUALA LUMPUR: LYC Healthcare Bhd shares fell over 3% after it proposed private placement to raise up to RM10.4mil.

The counter fell 3.23%, or one sen to 30 sen. Year-to-date, the counter has fallen some 25%.

LYC has proposed to undertake a private placement of new ordinary shares to raise up to RM10.4mil for renovation work at two care centres and three senior living centres,with the aim of expanding its healthcare business.

LYC said the proposed private placement entailed the issuance of up to 32.49 million new LYC shares,representing approximately 10% of the total number of issued shares of the company at an issue price to be determined later.

Source: TheStar