Rights issue fund just before disposal of major asset?

Silk Holdings Berhad (SILK) announced the proposed disposal of SILK Highway on 27 May 2014 for cash consideration of RM398m.

In less than 3 week before this, on 9 May 2014 to be specific, SILK had proposed a private placement of about 6.2% of the issued and paid up capital of Silk Holdings Berhad to finance investment opportunities, so to speak. Subsequent, the group announced the issue price of the new shares was 72.5sen/share.

For the proposed disposal of Kajang-SILK Highway, SILK is expected to get RM39.8m or equivalent to 10% of the total cash consideration upon execution of the SPA, expected within 14 days from 27 May 2014 or such other extended period as may be agreed between SILK and IJM.

Is SILK really in such a dire need to raise RM21.75m, which is not too significant to the scale of its operations, and just before the proposed disposal of highway? More so when the management of SILK is still exploring investment opportunities and has not entered into any arrangement with any parties, according to the company announcement dated 9 May 2014.

Why raise fund when the group is expecting huge sales proceeds from the disposal of highway? Wasn't the management aware of the proposed disposal of Kajang-Silk Highway earlier?

To whom the shares placed out?