Sinmah proposes rights issue to raise RM15m

PETALING JAYA: Sinmah Capital Bhd has proposed a renounceable rights issue to raise minimum proceeds of RM15.27 million based on the indicative issue price of 20 sen per rights share.
It will issue up to 222.12 million new shares in Sinmah on the basis of five rights shares for every two existing shares, together with up to 55.53 million free detachable warrants on the basis of one rights warrant for every four rights shares subscribed for on an entitlement date to be determined.
In addition, it is seeking an exemption for F.C.H. Holdings Sdn Bhd and parties acting in concert (PACs) with it from the obligation to undertake a mandatory offer for all remaining Sinmah shares and convertible securities in Sinmah not already owned by FCH and its PACs.
It also proposed establishment of a share issuance scheme (SIS) of up to 15% of the total number of issued Sinmah shares at any one time during the duration of the scheme, for eligible directors and employees of Sinmah and its non-dormant subsidiaries.
The proposals are expected to be completed in the first quarter of 2018.
Sinmah closed 0.74% higher at 68 sen, with 102,400 shares traded.