11/07/2012 (Reuters) - Malaysia's Jaya Tiasa Holdings Bhd, a palm oil plantations and timber company, is selling up to 42 million new shares worth around 330 million ringgit ($103.50 million), according to a source familiar with the deal.

The shares are being priced at a range between 7.70 and 8.20 ringgit per share, the source said, representing a 9.1 percent to 14.6 percent discount to the closing price of 9.02 ringgit on Tuesday.

The proceeds raised from the placement are meant for the repayment of bank borrowings, palm oil mills construction, working capital and acquisitions, according to the source.

Tiong Hiew King, Malaysia's 9th richest man according to Forbes, controls the Borneo-based plantation firm. Officials at the firm were not immediately available for comment.

Tapped rubber as a teenager, Tiong also owns Media Chinese International Ltd, which publishes more than 30 magazines and newspapers in North America, Southeast Asia and China. CIMB is the bookrunner on the deal, the source said.