SINGAPORE - Sysma Holdings has placed out 23.5 million new shares at 27 cents apiece to private investors.

The placement, which is expected to raise gross proceeds of some $6.34 million and net proceeds of about $6.1 million, is to raise funds for business expansion purposes.

They will be used to fund the group's property development business, acquisitions, investments, joint ventures and/or other collaborations, as well as for general working capital purposes.

The placement price represented a 9.9 per cent discount to the volume weighted average price of 29.96 cents for trades done for the full market day on April 4.

Sysma last year entered into the property development and energy businesses to augment its existing construction business.

It has since embarked on three property development projects - the 8M Residences on Margate Road, Charlton 18 along Charlton Lane and Upper Serangoon Road, and 28RC Suites on Race Course Road.

Sysma shares, which were halted from trading, last changed hands at 30 cents.