Wednesday, June 9, 2010

Tien Wah undertakes rights issue

KUALA LUMPUR: Printing services company TIEN WAH PRESS HOLDINGS BHD [] plans to raise up to RM30.33 million via a'' renounceable rights issue of up to 27.57 million new shares, the proceeds of which will be used to repay loans taken to acquire a foreign entity.

The RM30.33 million assumes the exercise is based on a indicative issue price of RM1.10 for each rights unit.

In a statement to the exchange on Tuesday, June 8, Tien Wah said the rights issue would be done on the basis of two rights shares for every five existing shares held.'' "Barring any unforeseen circumstances, the proposals are expected to be completed within the fourth quarter of'' 2010," Tien Wah said.

In September 2008, Tien Wah and its single largest shareholder New Toyo International Holdings Ltd had jointly acquired the entire equity interest in Anzpac Services (Australia) Pty Ltd for for A$60 million (RM163.14 million). Affin Investment Bank Bhd has been appointed as the adviser to the rights Issue.

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