Waja Konsortium Bhd (KLSE:WAJA) formerly known as ConnectCount Holdings Bhd, has proposed to undertake a private placement of up to 30% of its issued shares to raise up to MYR 31.67 million, mainly to fund its construction business and for working capital. The last time it conducted a private placement to raise funds was in April 2021. That placement, also involving up to 30% of its issued shares, was completed in May 2022 and successfully raised MYR 25.12 million, also to fund its construction business projects and for working capital.

In a bourse filing on October 6, 2023, the construction company said the new private placement entails the issuance of up to 395.9 million shares to independent third-party investors to be identified later, at an issue price to be fixed. The proposed private placement is expected to be completed by the first quarter of 2024.