news

Ho Hup to raise up to RM82.47m via renounceable rights issue with free warrants

 

KUALA LUMPUR (July 11): Ho Hup Construction Company Bhd is planning to raise up to RM82.47 million via a renounceable rights issue of redeemable preference shares (RPS) with free detachable warrants to be used for working capital and to repay borrowings.

The rights issue will involve up to 82.47 million new redeemable preference shares at an issue price of RM1 per rights RPS, on the basis of one rights RPS for every five Ho Hup shares held. The rights issue will come with free detachable warrants, on the basis of five warrants for every two RPS subscribed.

The rights RPS will have a tenure of five years, with a dividend rate of 5% per annum based on the issue price of the rights RPS, Ho Hup said in a stock exchange filing yesterday.

Ho Hup expects the corporate exercise to be completed by the fourth quarter of 2020.

Ho Hup shares closed unchanged at 52.5 sen today, bringing the group a market capitalisation of RM217 million, after 1.23 million shares were traded.

The stock has almost doubled from its recent low of 26.5 sen on March 19. Year to date, it is up about 3%.

Stay safe. Keep updated on the latest news at www.EdgeProp.my 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Ho Hup to allocate substantial part of ECRL contracts to local vendors
  2. Ho Hup to raise up to RM17.7m via private placement
  3. New property launches to boost Ho Hup’s profit growth