TMI offers to sell stock at 57pc discount (BT)

TM International Bhd, Malaysia’s state-controlled mobile-phone operator, offered to sell stock at a 57 per cent discount in a rights issue to raise RM5.25 billion (US$1.4 billion) and help pay off debt. Shareholders will be able to buy five new TM International shares for every four owned, the company said in a filing to the stock exchange in Kuala Lumpur today. TM International is offering RM4.69 billion new shares at RM1.12 each, less than half the stock’s closing price of RM2.61 yesterday on the Malaysian stock exchange. (Note: TMI was suspended pending for new announcement.)