Saturday 27 Apr 2024
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KUALA LUMPUR (Sept 28): Amcorp Properties Bhd (AmProp) plans to raise up to RM597.2 million by issuing renounceable rights of new Class B redeemable convertible preference shares (RCPS B) to shareholders to fund existing and future projects and repay borrowings.

As at Aug 30, 2017, being the latest practicable date prior to this announcement, the total bank borrowings of the group stood at RM628.6 million.

In a filing with Bursa Malaysia today, AmProp said it intends to partly repay the group's existing bank borrowings, which is expected to result in interest savings of some RM9.5 million per year.

"Based on the 593.8 million AmProp shares in issue (excluding treasury shares) as at Aug 30, 2017, the capital outlay for a shareholder holding 1,000 AmProp shares who wishes to fully subscribe to his/her entitlement is approximately RM800," it said.

The actual outlay required by the entitled shareholders to fully subscribe to their entitlements will depend on the entitlement basis and the issue price for the RCPS B to be determined by the board, it added.

The RCPS B will be convertible to AmProp shares one year after its initial issuance, and they will have a preferential dividend rate of 4% per year.

Subject to all the required approvals being obtained, AmProp said it expects the proposals to be completed by the first quarter of 2018.

AmProp shares closed 0.63% or half a sen higher at 79.5 sen today, giving it a market capitalisation of RM472.26 million.

 

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