KUALA LUMPUR, April 17 — HeiTech Padu Bhd has proposed a private placement of 10.12 million new ordinary shares, raising gross proceeds of RM22.98 million, which will be utilised for working capital.

The issuance of new ordinary shares is representing 10 per cent of the total number of issued shares of the company and the placement shares will be placed to third-party investors to be identified later.