SC approves Seloga's revised rights issue

KUALA LUMPUR: The Securities Commission (SC) has approved of a revision to Seloga Holdings Bhd's proposed rights issue, it announced on Bursa Malaysia on Monday, Sept 13.

In a letter dated Sept 9, 2010, the commission had approved of a revised rights issue that would entail the issuance of up to 49.12 million rights shares at a proposed issue price of 25 sen per share together with up to 73.68 million detachable warrants for free.

This would be on the basis of two rights shares together with three free warrants for every five shares held after the proposed capital restructuring.

Previously, the initial proposed exercise involved the issuance of up to 107.3 million rights shares at a proposed issue price of 25 sen per share, on the basis of four rights shares for every five shares held after the proposed capital restructuring.

The SC had also approved of a time extension to March 31, 2011 to implement the corporate exercise.