PETALING JAYA: Sinmah Capital Bhd is proposing to issue new renounceable rights shares with free detachable warrants, seeking to raise at least RM15.27mil for a property development project in Melaka.
Five rights shares will be offered to shareholders holding two Sinmah shares, it said in a filing with Bursa Malaysia. The rights shares will be issued with free warrants to “sweeten” the deal for investors.
Tentatively, the rights shares will be priced at 20 sen each.
Assuming full subscription, the company will raise as much as RM44mil. It will implement the proposed rights issue on a minimum subscription level basis involving 76.35 million rights shares with 19 million warrants. “To meet the minimum subscription level, the company has obtained a written unconditional and irrevocable undertaking from its major shareholder, FCH Holdings Sdn Bhd,” it said.
