Symphony Life’s rights issue undersubscribed by 9.46%

TheEdge Fri, Nov 09, 2018 06:51pm - 5 years View Original


KUALA LUMPUR (Nov 9): Symphony Life Bhd's proposed one-for-one rights issue to raise up to RM146.09 million was undersubscribed by 9.46%.

In a filing with Bursa Malaysia today, Symphony Life said it received total valid acceptances and excess applications for 280.28 million rights shares or a subscription rate of 90.54%, compared with the 309.56 million made available for subscription under the rights issue.

Of the subscribed rights shares, 173.77 million or 56.13% are valid acceptances while the remaining 106.51 million or 34.41 are valid excess applications, it added.

"It is the intention of the board of directors to allocate the excess rights shares to minimise the incidence of odd lots, to entitled shareholders who have applied for the excess rights shares on a pro-rata basis and in board lots, as well as to the renouncee(s)/transferee(s) who have applied for the excess rights shares," said Symphony Life.

The rights shares and additional Warrants B are expected to be listed and quoted on the Main Market of Bursa Malaysia on Nov 15.

Symphony Life shares closed one sen or 2.7% higher at 38 sen today, with 683,000 shares done, bringing a market capitalisation of RM119.18 million.
 

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