Sanichi's rights issue fully subscribed

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KUALA LUMPUR (July 21): Sanichi Technology Bhd's rights issue with free warrants is fully subscribed.

In a filing with Bursa Malaysia today, the company said as at 5pm on July 15, it received total valid acceptances and excess applications of 572.27 million, representing 100% of subscription rate.

This comprises total valid acceptances of 350.41 million or 61.23% and total valid excess applications of 221.87 million or 38.77%.

"In view that the rights shares with warrants D have been fully subscribed for, the board has decided to allot the rights shares with warrants D to all the entitled shareholders and/or their renouncee(s) and/or transferee(s) who have applied for the excess rights shares with warrants D," it added.

On Feb 18, Sanichi announced a renounceable right issue of up to 779.9 million new ordinary shares, together with up to 389.9 million free warrants on the basis of two rights shares with one free warrant for every existing Sanichi share held on the ex-date of June 14.

It intends to raise up to RM77.99 million for working capital and business expansion as well as for acquisition of properties for investment (RM36 million), acquisition and/or investment in other complementary businesses (RM25 million).

The listing date of the rights shares with D-series Warrants has been rescheduled to next Friday (July 29).

A check on Bursa Malaysia has showed that Sanichi managing director Datuk Seri Dr Jacky Pang Chow Huat had purchased a total of 18.8 million shares in the company between July 1 and 4.

Shares in Sanichi closed down three sen or 17% at 14.5 sen, for a market value of RM154.58 million.