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Monday, March 17, 2014

EA Holdings plans 1-for-1 rights issue, free warrants (Edge)

ACE-listed EA Holdings Berhad (EAH) announced a renounceable 1:1 rights issue, with 2:1 free warrants C.

The company said this would “further reward shareholders while strengthening its already impressive fundamentals as it moves boldly into its next chapter of growth”.

Under this plan, up to 635,910,916 rights shares would be issued on the basis of one rights share for every one EAH share held, together with up to 317,955,458 free detachable Warrants C on the basis of one free warrant for every two rights shares subscribed.

The issue price of the rights shares will be fixed at the par value of EAH Shares of RM0.10 each.

The company said EAH Chief Executive Officer Mohammad Sobri bin Saad, who owns 80 million shares in the company, has provided his irrevocable undertaking to subscribe in full for his entitlement under this exercise.

In the same announcement, EAH is also proposing to increase its authorised share capital from RM100 million to RM250 million.

“EAH is also actively looking out for potential companies under its stringent Merger & Acquisitions plan to diversify its portfolio of businesses and develop new streams of revenue,” said Sobri.

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