Tuesday, January 3, 2012

Esthetics rights issue undersubscribed by 28%

KUALA LUMPUR (Jan 3): ESTHETICS INTERNATIONAL GROUP [] Bhd's rights issue of 52.80 million new shares and 52.80 million free detachable warrants were undersubscribed by 28%.

The rights issue was on the basis of two rights shares and two warrants for every five shares held as at Dec 6, 2011 at an issue price of 50 sen per share.

Esthetics said at the close of acceptance and payment of the rights issue at 5pm on Dec 28, the total valid acceptances and total valid excess applications for the rights issue were 38.016 million rights shares, which was a subscription rate of 72%. Hence, 14.78 million rights shares of 28% were undersubscribed.

'In view that the rights shares with warrants have not been fully subscribed for, the board has resolved to allot the rights shares with warrants to all applicants who have applied for the excess rights shares with warrants.

'The undersubscribed rights shares with warrants will be subscribed by Esthetics' major shareholders namely, Providence Capital Sdn Bhd and Gambir Capital Sdn Bhd pursuant to their undertakings as stated in the abridged prospectus dated Dec 6, 2011,' it said.

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