Perth based apartment developer Finbar International has successfully raised $10.6 million through a capital raising.
The company has successfully placed approximately 11.8 million shares with professional and sophisticated investors at an issue price of $0.90 per share as arranged by Bell Potter Securities in Melbourne.
Finbar’s managing director John Chan the additional capital secured will help accelerate the company’s ability to identify, secure and create projects that meet the strong industry dynamics of the Perth property market.
“We see these dynamics, namely a healthy State economy, an undersupply of completed products and a strong population growth, to drive our profitability and value creation for shareholders in future years,” he concluded.
By Kathryn O’Meara
