I-Bhd dips 1.33% on proposed rights issue to raise up to RM150m

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KUALA LUMPUR (July 11): Shares in property developer I-Bhd dipped 1.33% this morning after the firm said it is proposing a renounceable rights issue of three-year redeemable convertible cumulative preference shares (RCCPS) to raise up to approximately RM150 million.

At 9.19am, I-Bhd shed 0.5 sen to 37 sen for a market capitalisation of RM375.28 million.

The proceeds would enable the group to fund its property investment/hospitality portfolio and property development businesses.