KUALA LUMPUR: PLS Plantations Bhd announced that former CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak has taken a stake, boosting its shares 11% higher in early trade Monday.

The counter jumped 11.22%, or 11 sen to RM1.09, its highest since April 2019.

PLS Plantations, which is shifting its core business into durian plantations, has proposed to place out up to 19 million new shares to Nazir at 95 sen a share.

It said the 19 million new shares represented about 5.23% and 3.61% of the issued shares under the minimum scenario of 363.20 million shares and maximum scenario of 526.05 million shares.

The total cash consideration for the 19 million new shares will be RM18.05mil.

PLS had also proposed to place up to 33.60 million new shares, or up to 6.39% of the issued shares to third party investors at a later date and at an issue price to be determined.

Based on the subscription price and the illustrative issue price of 95 sen per share, PLS will raise gross proceeds of up to approximately RM34.50mil (based on the minimum scenario) and RM49.97mil (maximum scenario, if the 162.85 million warrants are exercised).