KUALA LUMPUR (Feb 23): Vivocom International Holdings Bhd shares fell 4.35% in active trade this morning after it proposed a two-for-three rights issue wanting to raise up to RM75.27 million.

At 9.36am, Vivocom fell 0.5 sen to 11 sen with 10.66 milion shares done.

The cash will be sweetened by free detachable warrants on the basis of one-for-two warrants E for every two rights shares subscribed.

From the RM75.27 million to be raised from the exercise, RM49.07 million will be used for working capital, while RM25 million will be for its future viable investments, which include mergers and acquisitions of businesses or investments, while the remaining will be for the estimated expenses in relation to the exercise.