Perwaja Holdings Bhd has proposed a restricted issue of RM280mil of seven-year 7% redeemable convertible unsecured loan stocks (RCULS) at 100% of its nominal value to Kinsteel Bhd.
Perwaja, in its filing to Bursa Malaysia yesterday, said the gross proceeds of the proposed restricted issue was to meet Perwaja group’s working capital requirements.
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.
Perwaja, in its filing to Bursa Malaysia yesterday, said the gross proceeds of the proposed restricted issue was to meet Perwaja group’s working capital requirements.
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.
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