ARK's rights issue undersubscribed

PETALING JAYA: Property developer ARK Resources Bhd's rights issue of 15.47 million shares was undersubscribed at an issue price of RM1.

In an announcement to Bursa Malaysia, ARK Resources said at the closing date on June 1, a total of 12.15 million rights shares were subscribed, out of the 15.47 million rights shares available for subscription.

This resembles a subscription level of about 78.52% of total acceptances and excess applications were made by the shareholders of ARK Resources. Due to the undersubscription of the rights issue, the board shall allot the rights shares to all applicants who have applied for the excess rights shares.

The stock closed at 42.5 sen on Tuesday, June 21.

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