KUALA LUMPUR: RAMUNIA HOLDINGS BHD []'s shares and warrants fell in early trade on Wednesday, May 4 as investors were cautious about its proposed capital revamp plan.
At 9.22am, Ramunia was down 4.5 sen to 42.5 sen with 12.02 million shares done while its warrants shed 5.5 sen to 58.5 sen with 10.56 million units done.
The FBM KLCI was up 2.91 points to 1,534.38. Turnover was 106.74 million shares valued at RM68.04 million. There were 92 gainers and 160 losers.
Ramunia proposed a capital reCONSTRUCTION [] and a rights issue as part of its plan to regularise its condition and uplift the company from its PN17 status.
It said on Tuesday, May 3 the proposed share premium reduction will give rise to a credit of between RM98.31 million and RM100.69 million whilst the reduction of 25 sen in par value from each existing share of 50 sen each will give rise to a credit between RM185.32 million and RM244.65 million
The proposed rights issue is expected to raise gross proceeds of up to about RM118.60 million to RM156.58 million.
To recap, Ramunia said the capital reconstruction would cancel 25 sen of the par value of 50 sen per share. The credit arising would be used to set-off against the accumulated losses of the company.
It also proposed a renounceable rights issue of up to 391.44 million new shares at an indicative issue price of 40 sen per rights share on the basis of two rights shares for every five existing shares held after the proposed change in par value.
Ramunia added it would undertake a business rejuvenation plan involving business strategies to build up the group of companies' order book in relation to major offshore fabrication works as well as other oil and gas related business activities.
At 9.22am, Ramunia was down 4.5 sen to 42.5 sen with 12.02 million shares done while its warrants shed 5.5 sen to 58.5 sen with 10.56 million units done.
The FBM KLCI was up 2.91 points to 1,534.38. Turnover was 106.74 million shares valued at RM68.04 million. There were 92 gainers and 160 losers.
Ramunia proposed a capital reCONSTRUCTION [] and a rights issue as part of its plan to regularise its condition and uplift the company from its PN17 status.
It said on Tuesday, May 3 the proposed share premium reduction will give rise to a credit of between RM98.31 million and RM100.69 million whilst the reduction of 25 sen in par value from each existing share of 50 sen each will give rise to a credit between RM185.32 million and RM244.65 million
The proposed rights issue is expected to raise gross proceeds of up to about RM118.60 million to RM156.58 million.
To recap, Ramunia said the capital reconstruction would cancel 25 sen of the par value of 50 sen per share. The credit arising would be used to set-off against the accumulated losses of the company.
It also proposed a renounceable rights issue of up to 391.44 million new shares at an indicative issue price of 40 sen per rights share on the basis of two rights shares for every five existing shares held after the proposed change in par value.
Ramunia added it would undertake a business rejuvenation plan involving business strategies to build up the group of companies' order book in relation to major offshore fabrication works as well as other oil and gas related business activities.
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