Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 21): Fajarbaru Builder Group Bhd has upped its stake in PA Resources Bhd by 0.89 percentage points to 9.22% through subscription of the latter’s issuance of rights share.

According to PA Resources’ annual report for the financial year ended June 30, 2017 (FY17), Fajarbaru’s shareholding stood at 8.33% as at Sept 28 this year.

In a filing with Bursa Malaysia today, Fajarbaru said it has been allotted a total of 78.31 million rights share in PA Resources, which consist of 63.08 million rights shares at an issue price of five sen each, on the basis of four rights shares for every five shares held in PA Resources and 15.23 million excess rights shares being issued at the same price.

Fajarbaru said this represented a total investment value of RM3.92 million, which was funded through internal funds.

The subscription comes with 78.31 million free warrants.

Fajarbaru said its board of directors is of the view that the subscription will potentially allow it to benefit from the possible capital appreciation.

PA Resources’ share price fell one sen or 15.38% to close at 5.5 sen today, bringing it to a market capitalisation of RM52.06 million. Fajarbaru shares, meanwhile, fell 0.5 sen or 0.6% to close at 83 sen, valuing it at RM306.66 million.

Year-to-date, Fajarbaru has appreciated by 48.2% from 56 sen on Dec 29 last year.
 

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