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Thursday November 12, 2009
Kencana proposes rights, bonus issues
PETALING JAYA: Kencana Petroleum Bhd has proposed a renounceable rights issue of up to 369.1 million rights shares at 50 sen each on the basis of 2-for-5 and a 3-for-10 bonus issue of up to 387.5 million shares.
The rights issue is estimated to raise up to RM185mil in proceeds, which will be used for capital expenditure, investment, expansion, working capital and repayment of bank borrowings.
The oil and gas company also proposed to provide financial assistance in the form of securities for the facility taken by 25% associate Mermaid Kencana Rig 1 Pte Ltd.
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