Finbar in $36m raising

Finbar Group has raised $31 million through a share placement, with the funds going towards the construction of the $350 million Canning Bridge project in Applecross and the $108 million Palmyra Apartments Estate project.

The East Perth-based company has invited existing shareholders to participate in a share purchase plan to raise an additional sum of up to $5 million.

The shares will be sold at 93 cents each, with Euroz Securities acting as the lead manager to the placement.

Finbar managing director Darren Pateman said the company was very appreciative of the support the placement received from long-term shareholders.

“We are delighted with the result of the capital raising which will improve our register and overall share liquidity with increased institutional support,” he said.

“We also welcome new shareholders who have joined Finbar as partners at a very exciting stage in the market.”

Shares in Finbar were down 5.3 per cent at 96 cents at 12pm AEDT.