KUALA LUMPUR: Perwaja Holdings Bhd has proposed a restricted issue of RM280 million loan stocks to KINSTEEL BHD [] to be used for its working capital.
It said on Monday, July 25 the corporate exercise would involve the RM280 million nominal value iof seven-year 7% redeemable convertible unsecured loan stocks (RCULS) at 100% of its nominal value.
Perwaja also proposed to issue 280 million free warrants on the basis of one warrant for every two Perwaja shares held.
Upon completion of the proposed restricted issue, Kinsteel would undertake a renounceable restricted offer for sale of the RCULS to the entitled Perwaja shareholders, other than Kinsteel. This would be on the basis of two Perwaja shares.
The conversion price for the RCULS has been fixed at RM1 for every one new Perwaja share, which is its par value.
The conversion price is a discount of six sen or 5.66% to the five-day volume-weighted average market price of Perwaja shares up to and including July 25 of RM1.06.
It said on Monday, July 25 the corporate exercise would involve the RM280 million nominal value iof seven-year 7% redeemable convertible unsecured loan stocks (RCULS) at 100% of its nominal value.
Perwaja also proposed to issue 280 million free warrants on the basis of one warrant for every two Perwaja shares held.
Upon completion of the proposed restricted issue, Kinsteel would undertake a renounceable restricted offer for sale of the RCULS to the entitled Perwaja shareholders, other than Kinsteel. This would be on the basis of two Perwaja shares.
The conversion price for the RCULS has been fixed at RM1 for every one new Perwaja share, which is its par value.
The conversion price is a discount of six sen or 5.66% to the five-day volume-weighted average market price of Perwaja shares up to and including July 25 of RM1.06.
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