Cuscapi share price falls on news to raise RM79.8m via new shares, warrants

PETALING JAYA: Cuscapi Bhd's share price fell 1.49% this morning, after it proposed to issue 300 million new shares and 60 million new warrants to raise gross proceeds of RM79.8 million, based on an issue price of 25 sen per share and 8 sen per warrant.
At 11.20am, the stock stood at 33 sen with 33.2 million shares changing hands. It has a market capitalisation of RM156.9 million.
It said the proceeds will be used for working capital and business expansion, including the acquisition of businesses or assets that can complement its existing business.
The subscribers of the shares and warrants are Ultimate Quality Success Sdn Bhd, Ong Chin Hui, Tan Sri Koh Kin Lip and Datuk Dr Tan Kim Heung.