KUALA LUMPUR: Handal Resources Bhd's cash call involving a rights issue of 60 million shares at 52 sen each with 60 million free warrants were oversubscribed by 76.26%.
It said on Thursday, March 31 it received applications for 105.76 million new rights shares, or an excess of 45.76 million shares at the close of acceptance and payment on March 25.
Handal's rights issue was on the basis of two rights shares and two free warrants for every three existing shares. Together with the rights issue, Handal also made a bonus issue of 10 million shares on the basis of one bonus share for every six right shares subscribed.
Managing director and CEO Mallek Rizal Mohsin said the oversubscription of the rights issues was very encouraging as it underscored the shareholders' endorsement of Handal's plans that required this cash call which raised RM30 million.
'We are now on track with our investment which will see our expansion plans in place', he said.
Handal is an offshore crane manufacturing and service provider specialising in the oil and gas industry.
It said on Thursday, March 31 it received applications for 105.76 million new rights shares, or an excess of 45.76 million shares at the close of acceptance and payment on March 25.
Handal's rights issue was on the basis of two rights shares and two free warrants for every three existing shares. Together with the rights issue, Handal also made a bonus issue of 10 million shares on the basis of one bonus share for every six right shares subscribed.
Managing director and CEO Mallek Rizal Mohsin said the oversubscription of the rights issues was very encouraging as it underscored the shareholders' endorsement of Handal's plans that required this cash call which raised RM30 million.
'We are now on track with our investment which will see our expansion plans in place', he said.
Handal is an offshore crane manufacturing and service provider specialising in the oil and gas industry.
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