PETRA PERDANA BHD []’s renounceable rights issue of up to 122.76 million new 50 sen shares, of the basis of three rights shares for every eight shares held, has been fixed at 59 sen.
The corporate exercise, which includes one warrant for every two rights shares, included the fixing of the exercise price of the warrants at RM1 each. The entitlement date has been fixed on Oct 1.
Petra Perdana said on Wednesday, Sept 15 that CIMB Investment Bank Bhd and Hong Leong Investment Bank Bhd will be the joint underwriters. They will severally but not jointly underwrite 75.479 million rights shares which is about 61.49% of the total number of rights shares to be issued.
“Based on the issue price and the entitlement basis, the rights issue will involve the issuance of 122.76 million rights shares and will raise gross proceeds of approximately RM72.43 million,” it said.
Petra Perdana said the issue price was a discount of 41% to the theoretical ex-rights price of Petra Perdana shares of RM1 based on the five-day volume-weighted average market price up to the date of this announcement of RM1.15 per share.
It said 61.38 million warrants would be issued to the shareholders and the gross proceeds to be raised would be RM61.38 million based on the exercise price.
The company said Shamsul Saad (being the managing director and a shareholder), Datuk Kho Poh Eng and Koh Pho Wat (executive directors and shareholders) have provided irrevocable undertakings to subscribe in full or procure the subscription in full for their respective entitlements of rights shares under the rights issue.
“The total rights shares which are subject to the undertakings is 14.35 million rights shares or approximately 11.69% of the total number of rights shares to be issued pursuant to the rights issue,” it said.
Petra Perdana said the corporate exercise would raise minimum gross proceeds of RM53 million.
The remaining balance of 32.929 million rights shares to raise gross proceeds of approximately RM19.43 million will not be underwritten.
Written by Joseph Chin
The Edge Malaysia
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