MRCB falls on new rights shares listing

KUALA LUMPUR (Nov 3): Malaysian Resources Corp Bhd (MRCB) fell as much as 5.5 sen or 5%, following the listing of the builder and property developer's 2.19 billion new rights shares today.

MRCB shares slipped to their lowest so far today at 99.5 sen. At 3:45pm, the stock was traded at RM1.01, with some 45 million shares transacted.

MRCB was Bursa Malaysia's ninth most active stock. 

According to MRCB, the listing of the 2.19 billion new rights shares is part of its renounceable rights issue of up to 2.85 billion new shares, together with up to 570.76 million free rights warrants.

MRCB said the corporate exercise is undertaken on the basis of one rights share for one existing share held and one warrant for every five rights shares. — theedgemarkets.com

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