Asia Bioenergy Technologies to raise up to RM81.43 million via rights issue

PETALING JAYA: Asia Bioenergy Technologies Bhd (AsiaBio) proposed a renounceable rights issue of up to 1.16 billion new irredeemable convertible preference shares (ICPS) to raise up to RM81.43 million.

The group told Bursa Malaysia that the rights issue comes together with the issuance of up to 116.32 million free detachable warrants on the basis of 10 ICPS together with one free warrant B for every five existing shares held.

Based on an illustrative issue price of 7 sen per ICPS, the proposed rights issue of ICPS with warrants is expected to raise up to RM81.43 million, which will be used for investments in VSolar Group Bhd rights shares, Focus Dynamics Group Bhd ICPS, working capital as well as companies listed or to be listed on the LEAP Market.

AsiaBio shares fell half a sen to close at 13 sen on Friday, on some 14,300 shares changing hands. It has a market capitalisation of RM58.54 million.