Tower Real Estate Investment Trust (Tower REIT) has proposed a rights issue to raise gross proceeds of up to RM66 million to repay its bank borrowings and refurbish its existing properties.
The rights issue will involve the issuance of up to 280.5 million units, the group said. The sum it expects to raise is based on an illustrative price of 35 sen per unit, on the basis of two rights units for every three existing ones held. The actual issue price and the entitlement basis of the issuance have yet to be fixed.
TheEdge13 Dec, 2023 23:32pm - 3 months