Tuesday, April 5, 2011

YSP Southeast Asia to raise RM45.22m from rights issue

KUALA LUMPUR: Y.S.P. Southeast Asia Holding Bhd plans to raise up to RM45.22 million from a corporate exercise involving the issuance of rights shares.

It said on Tuesday, April 5 it would issue 45.22 million new rights shares at RM1 each on the basis of one rights share for every three shares held.

'The proposed rights Issue will enable the YSP group to raise funds for its ongoing expansion to widen and extend its reach of its existing and new range of products in local as well as overseas markets, such as in the Southeast Asia region, Middle East and Africa countries, through, inter-alia, the expansion of its existing local production facilities and R&D facilities and through the use of more marketing and advertising tools,' it said.

YSP said the proposed rights issue would enable the YSP group to raise funds for its expansion and working capital purposes without incurring interest costs, as opposed to bank borrowings.

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