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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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Aluminum products maker Press Metal is planning to double its share capital via a one for one rights issue that is expected to come by the fourth quarter, the Malaysian company said on August 12. -
Two Malaysian companies in the plantation sector are prepping rights issues which are due to take place by the fourth quarter of the year as they look to improve the liquidity of their shares.
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South Korean Hanjin Heavy Industries and Construction’s W191.4bn ($184.4m) rights issue has proved a hit with shareholders, with the transaction oversubscribed by the time books closed.
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Malaysian infrastructure and construction company Kumpulan Europlus Berhad (KEB) has launched a three for four rights issue, in a transaction set to raise MR464.1m ($144.6m).
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The shares of Malaysia’s Public Bank was down 4% following the completion of the lender’s jumbo MR4.83bn ($1.5bn) one for 10 rights issue - the largest ECM trade in the country so far this year.
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Shares of African Bank Investments (Abil), South Africa's biggest unsecured lender, plunged this week as the bank unveiled a need for at least $790m of new capital, despite a recent rights issue, because of losses and writedowns.
