Trading of WCT securities halted an hour as placement shares fixed at RM1.77 apiece

KUALA LUMPUR (March 30): The trading of WCT Holdings Bhd's securities and its structured warrants were halted for an hour, from 9am to 10am today, following an announcement on the issue price of its placement shares being fixed at RM1.77 per share, a discount of about 4% to the five-day volume weighted average price of WCT shares up to and including March 29, 2017 of RM1.8464.

According to a filing with Bursa Malaysia today, the first tranche of the placement shares will see gross proceeds of RM178 million being raised. It entails the issuance of 100.5 million new WCT shares, representing approximately 8% of the total number of issued shares of WCT, excluding treasury shares, amounting to about 1.256 billion WCT shares as at March 29, 2017.

It added that the placement shares will be listed on the Main Market of Bursa Malaysia in due course.

The balance of 24.5 million placement shares, which are yet to be placed out, may be issued at a later date.

The placement agents for the exercise are Maybank Investment Bank, AmInvestment Bank Bhd and RHB Investment Bank Bhd.

At 10.46am, WCT's share price had gained by 1.09% or 2 sen to RM1.86 with about 64,200 shares changing hands. — theedgemarkets.com

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