Jade Marvel issuing RM80mil RCPS

PETALING JAYA: Jade Marvel Group Bhd has proposed the issuance of up to 80,000,000 new redeemable convertible preference shares (RCPS) at the issue price of RM1 per RCPS to Sycamore Equity Fund.

In a filing with Bursa Malaysia yesterday, Jade Marvel said the RCPS will be issued in 320 equal tranches of 250,000 RCPS with a principal amount of RM250,000 for each tranche.

The expected gross proceeds of RM80mil will be utilised for the group’s money lending business, working capital, and financing the expenses of the proposals.