HONG KONG, Aug 14 — China Everbright International Ltd plans to raise about HK$9.96 billion (RM5.18 billion) from a rights issue for its waste-to-energy projects, business expansion and the repayment of bank loans. The shares plunged as much as 26…
PETALING JAYA: Shares of MNRB Holdings Bhd dipped as much as 9.8% to RM2.11 this morning following its plan to undertake a renounceable rights issue exercise to raise about RM400 million.
At 10.45am, the stock was trading at RM2.12, down 22 sen or 9.4% on 1.61 million shares done.
MNRB intends to inject some RM300 million into its takaful subsidiaries to invest into new information technology infrastructure.
Meanwhile, some RM100 million will be pumped into Malaysian Reinsurance Bhd to explore and develop new products for the local market to further solidify its market leadership in the local insurance industry.
KUALA LUMPUR, July 8 — Shares in timber and forest plantation group Priceworth International Bhd will trade ex-rights on July 18, for its RM102.37 million renounceable two-for-one rights issue with bonus shares. The provisional allotment of rights…
PETALING JAYA: Asia Brands Bhd is looking to raise up to RM63.97 million through its proposed renounceable rights issue and private placement exercises.
The group told Bursa Malaysia, the rights issue exercise involves an issuance of up to 116.32 million new shares at an issue price of 35 sen per rights share on the basis of one right share for every one share held.
The rights issue is expected to raise gross proceeds of between RM30.15 million and RM40.71 million, which will be used for the repayment of its RM40 million Islamic medium-term notes (IMTN) (Tranche 1, Series 3) due on March 16, 2019.
The IMTN repayment is expected to result in an estimated interest saving of up to RM2.44 million per annum. Asia Brand’s total outstanding IMTN stands at RM90 million.
Meanwhile, the group will issue up to 46.53 million new shares, representing up to 20% of its enlarged issued shares, for a private placement exercise, upon completion and assuming full subscription of the rights issue.
The placement shares are for independent third party investors to be identified at a later date.
Based on an indicative issue price of 50 sen per placement share, the private placement is expected to raise gross proceeds of up to RM23.26 million to repay the remaining balance of RM10 million of the RM40 million IMTN (Tranche 1, Series 3) and partly repay the RM20 million IMTN (Tranche 1, Series 4) due on March 16, 2020.
LONDON, June 29 — Share issues by China’s Tencent Holdings and Foxconn Industrial Internet Co helped global technology stocks buck the generally weaker trend for capital raising from equity markets in the first half of 2018, data showed today….
LONDON: Lloyds Banking Group is facing more pressure over its handling of a fraud at its HBOS Reading business that took place more than a decade ago, with the chair of Britain’s Treasury Committee calling for “maximum transparency” over the affair. The intervention by committee chair Nicky Morgan follows the publication of an internal 2013 […]
PETALING JAYA: Green Packet Bhd proposes a renounceable rights issue exercise to raise up to RM52.57 million for its business expansion plans.
The group told Bursa Malaysia that the rights issue entails an issuance of up to 150.2 million rights shares on the basis of one rights share for every five existing shares held, together with up to 450.61 million warrants on the basis of three warrants for every one rights share subscribed.
Based on an indicative issue price of 35 sen per rights share, the gross proceeds from the proposed rights issue are expected to be as much as RM52.57 million.
Proceeds raised will be used for the purchase of trade equipment, future viable investment, working capital for media and digital services, fintech solutions and general working capital.
Meanwhile, assuming the full exercise of warrants, Green Packet is expected to raise up to RM157.71 million. The warrants may be exercised at any time within five years from the issuance date.
The group said apart from expanding the business organically, it may also expand inorganically via mergers and acquisitions of businesses or investments that will be in the same, similar or complementary industry to that of its existing business.
It noted that the proposed rights issue with warrants will strengthen the group's financial position with enhanced shareholders' funds and reduced gearing level as compared with bank borrowings.
Green Packet shares closed 6 sen or 17.6% higher at 40 sen on 3.13 million shares done.