The entitlement date for the rights is on Oct 4. The rights will commence trading on Oct 5 and cease trading on Oct 12. The rights shares will be listed on Bursa Malaysia on Nov 3.
KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) renounceable rights issue to raise at least RM2.2bil went ex on Monday, with the entitlement date for shareholders on Oct 4.
the provisional offer for the rights is on Oct 5, where the rights will commence trading then, and cease trading on Oct 12. The rights shares will be listed on Bursa Malaysia on Nov 3.
At 11.41am, it was unchanged at 92.5 sen. There were 16.31 million shares traded at prices ranging from 92.5 sen to 98 sen.
MRCB had fixed the issue price for its rights shares at 79 sen per rights share and the exercise price for the rights warrants at RM1.25 per rights warrant.
MRCB’s renounceable rights issue consist of up to 2.85 billion new shares of MRCB, together with up to 570.76 million free detachable warrants, on the basis of one rights share for every one existing MRCB
share held by the entitled shareholders as at 5pm on Oct 4, 2017.
One free rights warrant will be given for every five rights shares subscribed.
MRCB is looking to raise at least RM2.2bil from its shareholders, a move that would see its gearing being reduced to almost zero.
MRCB has also entered into an underwriting agreement with RHB Investment Bank, CIMB Investment Bank Bhd and CIMB Islamic Bank Bhd to underwrite up to 1.73 billion rights shares together with 345.55 million rights warrants.
This is 60.54% of the total rights shares with rights warrants to be issued under the maximum scenario,
for which no undertaking has been obtained from other shareholders of MRCB.
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