Eastland Equity dips 3.12% on proposing renounceable rights issue

KUALA LUMPUR (Nov 7): Eastland Equity Bhd fell 3.12% at mid-morning today after the company said it plans to undertake a renounceable rights issue of up to 294.8 million new shares to raise funds, to finance a proposed land buy and repay some of its bank borrowings.

At 10.10am, Eastland fell 0.5 sen to 15.5 sen with 445,300 shares done.

The rights issue includes a free warrant issue of up to 147.4 million units.

It proposed the rights issue to be undertaken on the basis of six rights share for every five existing Eastland shares held, and one warrant for every two rights shares. — theedgemarkets.com

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