Friday, July 23, 2010

Sinotop raises RM60.6m from rights issue

KUALA LUMPUR: Sinotop Holdings Bhd (the new-look JOHN MASTER INDUSTRIES BHD []) has raised RM60.6 million from its'' renounceable rights issue exercise.

It said on Friday, July 23 that at the close of acceptance, 98.72% of the 307.08 million rights shares offered had been subscribed. The total number of rights shares accepted and excess rights shares applied for totalled 303.16 million.

Sinotop said the rights issue was the final stage in transforming Sinotop into a high-growth China-based textile fabric manufacturing business, via its operating units under the Be Top Group.

The new rights shares, together with the shares issued to the vendors of Be Top, will be listed on Bursa Malaysia on Aug 3.

Its group managing director Pan Ding said the funds raised from the rights issue would enable Sinotop to expand its China textile manufacturing business significantly.

"Most of the rights issue proceeds will be utilised to increase our production capacity, thus allowing us to meet the rising demand for our products and also exploit future growth opportunities. We are on the right track for strong growth in 2010 and beyond," he said.

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