PETALING JAYA: Pegasus Heights Bhd plans to raise up to RM59 million or at least RM12 million from a renounceable rights shares with warrants issue to support its diversification into food and beverage (F&B) services and related activities.
An almost equal portion of the proceeds will also go to promotion, upgrade and maintenance of the Centerpoint Seremban as well as secure more suitable tenants to occupy the mall.
It plans to issue up to 5.99 billion rights shares together with up to 3.99 billion warrants at the rights issue price of RM0.01 per rights share on the basis of three rights shares for every one share held, with two warrants for every three right shares subscribed.
Pegasus currently does property management consultancy for property development and owns and operates Centrepoint Seremban.
The company said should it be able to raise RM59 million from the rights issue, it will allocate RM14 million to pay off term loans and bank overdrafts.
Pegasus intends to manage and operate up to eight F&B franchise outlets on the ground floor level of the mall to enhance the overall tenant mix and increase footfall in Centerpoint Seremban.
It expects the enhanced tenant mix and increased footfall in Centerpoint Seremban will ultimately encourage more tenants to operate in the mall and improve occupancy rates and yield of the mall.
The company has confirmed licenseeship for two F&B franchisors, which is subject to execution of the respective franchise/license agreements, and is in advance discussions with another six F&B franchisors with regard their respective franchises.
The board of Pegasus expects the F&B franchise outlets business will enhance overall tenant mix and increase footfall in Centerpoint Seremban and also provide it with an additional stream of income and diversify its earnings base.
It will seek shareholders approval for the diversification plan.
The stock closed unchanged at 2.5 sen with some 9.79 million shares traded.
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PETALING JAYA: MNC Wireless Bhd and SPNB Dana Sdn Bhd have agreed to take another three months to set up a business to provide short-term loans for down payments and differential sums for SPNB Dana affordable housing projects.
In October 2017, MNC Wireless and SPNB signed a subscription and shareholder agreement (SSA) to form a 30:70 equity JV company for the venture.
They have until Jan 23, 2019 to move forward.
Previously, MNC Wireless said it plans to undertake a cash call exercise via a rights issue with free warrants to raise up to RM20 million to subscribe to redeemable preference shares of the JV company.
This will allow SPNB Dana to provide short-term financing of downpayments and/or differential sums for eligible homebuyers of housing developments developed by SPNB and its group of companies.