JAKS Resources rights warrants undersubscribed by 68.42%

TheEdge Thu, Dec 13, 2018 11:07pm - 5 years View Original


KUALA LUMPUR (Dec 13): JAKS Resources Bhd said today that its rights issue of warrants has been undersubscribed by 62.48%, though it still managed to meet its minimum subscription level and raised gross proceeds of RM25.61 million.

That means a take-up rate of only 37.52% or 102.43 million of the total 272.97 million rights warrants available for subscription.

"In this regard, the minimum subscription level of 40.39 million warrants for the rights issue of warrants has been achieved," JAKS said in a stock exchange filing.

The rights issue involved the issuance of one rights warrant for every two existing shares held in the group as at 5pm on Nov 21.

Based on the issue price of 25 sen per rights warrant, the group wanted to raise up to RM69.54 million from the cash call, mainly to expedite the construction of its power plant project in Vietnam.

“In view that the warrants have not been fully subscribed for, the board has resolved to allot the warrants to all applicants who have applied for excess warrants,” the group said.

JAKS shares closed unchanged at 45.5 sen apiece today, with 14.3 million shares traded, giving it a market capitalisation of RM248.4 million. Year to date, the stock has fallen over 69%.

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