KUALA LUMPUR (Jan 16): REV Asia Bhd did not receive any response to its proposed special bumiputera issue of 19.23 million shares.

"There were no acceptances by the placees that were identified by the Ministry of International Trade and Industry," the group said in a filing with the stock exchange today.

The group had on Jan 9 fixed the issue price for the proposed issuance at 44 sen per special issue share, which had represented a premium of about 0.2 sen or 0.46% to its five-day volume weighted average market price.

REV Asia had proposed the special issue in December 2016 to meet its bumiputera equity compliance requirement. The group had hoped to raise gross proceeds of up to RM9.81 million based on an indicative issue price of 51 sen, which would largely be used for working capital.

REV Asia triggered Practice Note 16 status in August last year after disposing of its 70% stake in Rev Asia Holdings Sdn Bhd to Media Prima Sdn Bhd, an indirect wholly-owned subsidiary of Media Prima Bhd. The group was given 12 months to submit a proposal to acquire a new core business.

Shares in REV Asia closed down 1 sen or 2.33% at 42 sen today, giving the group a market capitalisation of RM56.55 million.