KUALA LUMPUR: RAMUNIA HOLDINGS BHD [] has proposed a capital reCONSTRUCTION [] and rights issue to uplift from the Practice Note 17 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.
As at Jan 31, the accumulated losses at company level and group level were approximately RM367.77 million and RM262.85 million respectively.
'For clarity, the proposed change in par value will not result in any adjustment to the share price of the company or the number of shares held by shareholders,' it said.
Lembaga Tabung Haji, its major shareholder holding 166.83 million shares representing approximately 25.17% equity interest, is expected to provide its written undertaking to subscribe for its legal entitlements in full under the proposed rights shares.
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.
As at Jan 31, the accumulated losses at company level and group level were approximately RM367.77 million and RM262.85 million respectively.
'For clarity, the proposed change in par value will not result in any adjustment to the share price of the company or the number of shares held by shareholders,' it said.
Lembaga Tabung Haji, its major shareholder holding 166.83 million shares representing approximately 25.17% equity interest, is expected to provide its written undertaking to subscribe for its legal entitlements in full under the proposed rights shares.
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