Privasia Technology Berhad (KLSE:PRIVA) planned to undertake private placement of up to 61.4 million new ordinary shares, representing up to 10% of the company's total number of issued shares, to third party investors to be identified, at an issue price to be determined and announced later. The ACE Market listed company told the stock exchange that it intended to utilise MYR 3 million of the proceeds raised to partially repay its bank borrowings and another part to finance a potential acquisition in complementary business.