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PETALING JAYA: XOX Bhd is looking to raise up to RM66.28 million from a proposed renounceable rights issue of irredeemable convertible preference shares (ICPS) with free detachable warrants (Warrants B).
In a filing with Bursa Malaysia, the company said it plans to undertake a rights issue of up to 2.65 billion new ICPS together with up to 662.81 million Warrants B on the basis of four ICPS with one free Warrant B for every two existing ordinary shares in XOX.
XOX intends to raise up to RM66.28 million from the proposed rights issue of ICPS with warrants which entails a minimum subscription level of 400 million ICPS together with 100 million Warrants B, based on illustrative issue price of 2.5 sen per ICPS and illustrative exercise price of 6 sen per warrant.
The minimum subscription level will be met via a written undertaking from Key Alliance Group Bhd, a substantial shareholder of the company, to apply and subscribe in full for its entitlement under the proposed rights issue of ICPS with warrants.
Under minimum scenario, the RM10 million gross proceeds raised will be used to fund its eSIM expansion plan and estimated expenses for the proposals. The eSIM expansion plan includes upgrading of hardware, software costs and marketing expenses.
Under the maximum scenario, the RM66.28 million gross proceeds raised will be used to fund the eSIM expansion plan, expansion of XOX’s e-wallet function, working capital and estimated expenses for the proposals.
XOX’s working capital includes maintenance cost of mobile and digital network infrastructure as well as operating and administrative expenses such as staff cost, utilities, rental, transportation and upkeep of office.
The ICPS will have a tenure of 10 years commencing from and inclusive of the issue date of the ICPS while the tenure of the Warrants B is three years from the date of issuance.
PETALING JAYA: Bursa Malaysia Bhd has issued a consultation paper seeking public feedback on the proposed amendments relating to its depository regulations in order to facilitate a suite of central depository system (CDS) eServices for individual depositors.
It said in a statement today that the new CDS eServices will be offered in two stages, Release 1 and Release 2.
“Rolled out yesterday, Release 1 allows depositors to perform various depository services via their smartphones such as viewing the balance shareholdings of their direct CDS accounts, accessing monthly statements, updating specific depositors’ particulars and receiving notifications in relation to their shareholdings,” it said.
Bursa is seeking public feedback on its depository regulation to facilitate additional features of Release 2 that will allow individual depositors to perform various functions. It aims to roll out Release 2 by year-end.
The function that will be included in Release 2 would allow users to open new CDS accounts, reactivate inactive or dormant CDS accounts and subscribe for initial public offerings and rights issue.
In addition, the updated function will also include the ability to transfer securities between depositors’ own CDS accounts with the authorised depository agents’ approval, make payment online to Bursa Depository for CDS related transactions and register for eDividend to receive cash dividends and other cash payments directly into depositor’s bank accounts.
The consultation paper is available at: http://www.bursamalaysia.com/market/regulation/rules/public-consultation/. Interested parties are invited to submit their comments and feedback to Bursa Malaysia by July 5, 2019.
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PETALING JAYA: Jaks Resources Bhd has proposed another round of fund raising exercise to raise maximum gross proceeds of RM54.97 million through a private placement as it did not able to raise sufficient funding for its power plant project.
Earlier the company had in December 2018 raised RM25.61 million from its rights issue of warrants.
However, as the warrants were undersubscribed by 62.48%, the proceeds raised were prioritised towards the repayment of bank borrowings, Vietnam power plant project, and to defray the relevant expenses relating to the exercise.
“The proposed private placement will enable Jaks to raise proceeds to bridge the gap for existing expenditure required for the Vietnam power plant project (such as the construction and engineering works for the jetty and administration building, and fabrication of additional equipment by contractors, as well as consultancy costs for project coordination management and advisory services) which were unable to be funded from the rights issue of warrants,“ it said in a filing with Bursa Malaysia.
Besides that, the proceeds will also be utilised for the repayment of bank borrowings and renewable energy projects.
The indicative issue price for the placement shares is assumed to be 80 sen and the placement shares will be placed out to third party investor(s) to be identified at a later date.
Jaks said there will be a corresponding dilution in the earnings per share of the group as a result of the increase in the number of shares issued.
The exercise is expected to be completed by the second quarter of 2019.
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