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KUALA LUMPUR (May 18): Malaysian Resources Corp Bhd (MRCB) fell 6.90% this morning in line with the retreat at the broader market after it proposed a one-for-one renounceable rights issue to pare down its borrowings and to finance the refurbishment of the national sports complex in Bukit Jalil.
At 9.30am, MRCB lost 12 sen to RM1.62 with 11.99 million shares done.
The FBM KLCI was down 12.70 points to 1,762.95.
The cash call, which will be sweetened by free detachable warrants on one-for-five basis, will raise between RM2.17 billion and RM2.86 billion.
MRCB said the proceeds from the rights issue will be used to finance the refurbishment of the national sports complex in Bukit Jalil, besides paring down its borrowings and developing new property projects, as well as for general working capital.
MRCB plans to issue up to 2.86 billion in rights shares, together with up to 571.34 million free detachable. — theedgemarkets.com
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