FFI Holdings (ASX:FFI) is raising up to AU$11 million via a two-for-seven pro-rata non-renounceable entitlement offer, according to a Tuesday filing with the Australian bourse.
The offer price is AU$3.50 per new share, representing a nearly 14% discount to the last closing price of the company's shares.
The company said all of its directors plan to take up their full entitlements, representing 36% of its existing issued capital.
The entitlement offer will open on May 27 and conclude on June 17. Results will be announced on June 20.
Proceeds are earmarked for investment property development costs, purchase of plant and equipment, repayment of debt, and working capital, the filing stated.
FFI Holdings' shares fell 4% in recent trade.
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