Innoprise plans share split, 2-call rights issue

PETALING JAYA: Innoprise Plantations Bhd has proposed a share split and renounceable two-call rights issue to raise up to RM36.57 million.
The share split involves the subdivision of every one existing ordinary share of RM1.00 each in Innoprise into two split shares.
The two-call rights issue of up to 96.23 million rights shares is on the basis of one rights share for every four Innoprise shares held after the share split.
Based on the indicative price of the first call of 38 sen per rights share, it is expected raise up to RM36.57 million from the proposed two-call rights issue, of which RM18.5 million will be used to repay bank borrowings, RM5.0 million for plantation development expenditure, RM4.0 million for capital expenditure and RM8.44 million for working capital.
The company has confirmed that based on the latest audited consolidated financial statements of Innoprise for the financial year ended Dec 31, 2014 and the unaudited quarterly report of for six months ended June 30, 2015, the reserves available to be capitalised for the proposed two-call rights issue are adequate and unimpaired by losses on a consolidated basis.