Pasdec's rights issue with warrants oversubscribed by 7.72%

KUALA LUMPUR (July 3): Pasdec Holdings Bhd, a 37.2%-owned unit of Pahang State Development Corp (PKNP), said today its rights issue with warrants exercise has been oversubscribed by 7.72%.

In a filing with Bursa Malaysia today, Pasdec said it has received total valid acceptances and excess applications for 123.22 million rights shares, compared with the 114.39 million made available for subscription.

"(This) represents an over-subscription of 8.83 million rights shares or 7.72% over the total number of rights shares available for subscription under the rights issue with warrants (exercise)," it added.

Of the oversubscribed rights shares, 64.9 million or 56.74% are valid acceptances while the remaining 58.32 million or 50.98% are valid excess applications.

The rights shares together with the warrants are expected to be listed and quoted on Bursa on July 10.

On Oct 18, 2016, Pasdec announced it would carry out a renounceable two-call rights issue of 114.39 million new shares, on the basis of two rights shares for every five existing shares.

The rights issue also comes along with five-year-tenure free detachable warrants, on the basis of one warrant for every one rights share subscribed.

Pasdec said it planned to use the proceeds raised from the rights issue for property development expenses and working capital.

Trading of Pasdec shares were suspended today pending the release of a material announcement. It closed at 47 sen yesterday for a market capitalisation of RM138.41 million. — theedgemarkets.com

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