Mah Sing Group Bhd, a Malaysian property developer, said on Monday it is planning a 630 million ringgit ($176 million) rights issue at a 1.42 ringgit each.

The company plans to sell 442.8 million shares at a 3-for-10 ratio to raise money for land acquisitions and property development, the company's filings to the local bourse showed.

Mah Sing has also said it had entered into an underwriting agreement with CIMB Investment Bank, Maybank Investment Bank and Affin-Hwang Investment Bank for the rights issue exercise, another filing showed.

The new shares and warrants will be listed on the Kuala Lumpur stock exchange on Feb. 26, according to a filing.