Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 7): Vortex Consolidated Bhd said both its rights issue of shares with warrants and rights issue of irredeemable convertible preference shares (ICPS) to raise RM54.89 million have been oversubscribed.

In a filing today, Vortex said its 1-for-5 rights issue of 60.989 million new shares was 122.18% subscribed. The rights shares — at an issue price of 15 sen apiece — come with one free warrant each.

From the rights shares subscription, 91.47% represented valid acceptances while 30.71% represented total valid excess applications, translating to an oversubscription of 22.18%, Vortex said.

Meanwhile, its 3-for-1 rights issue of 914.83 million ICPS were 110.67% subscribed. The ICPS has an issue price of five sen each.

Valid acceptances for ICPS rights issue stood at 69.09% while excess applications stood at 41.58%, representing an oversubscription of 10.67%.

"The rights shares with warrants and ICPS are expected to be listed and quoted on the ACE Market of Bursa Securities on May 15," Vortex said.

The two rights issues follow an exercise to consolidate two existing Vortex shares into one, which was completed on Jan 25.

Combined, Vortex would raise RM54.89 million, of which RM43.19 million will be used to fund its property development project, RM6.5 million for future projects and acquisitions or investments, RM4 million for its working capital, and the remaining RM1.2 million to defray expenses related to the proposed corporate exercises.

Vortex's share price closed half a sen or 2.63% higher at 19.5 sen, giving it a market capitalisation of RM71.36 million.

      Print
      Text Size
      Share