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Pensonic to raise RM45.38m from rights issue - Business News | The Star Online

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Published: Wednesday July 10, 2013 MYT 6:54:00 PM Updated: Wednesday July 10, 2013 MYT 7:08:37 PM

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Pensonic to raise RM45.38m from rights issue

KUALA LUMPUR: Pensonic Holdings Bhd has a proposed a two-for-five bonus issue and also a rights issue of 64.83 million warrants to raise gross proceeds of up to RM45.38mil. It announced on Wednesday the proposed bonus issue of 37.04 million new shares of 50 sen on the basis of two bonus shares for every five shares held. As part of the fund raising exercise, it proposed a renounceable rights issue of 64.83 million warrants at an indicative issue price of 10 sen per warrant. This would be on the basis of one warrant for every two shares held after the proposed bonus issue. Pensonic said based on the indicative issue price of the warrants of 10 sen each, the proposed rights issue of warrants would raise gross proceeds of up to RM6.48mil. "Based on the indicative exercise price of 60 sen per warrant, the company will raise gross proceeds of up to RM38.90mil from the full exercise of the warrants," it said. Pensonic said such proceeds to be raised from the potential exercise of warrants would be used as working capital and to repay bank borrowings.
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