Saturday August 11, 2012
Toyo Ink plans rights issue, new warrants
PETALING JAYA: Toyo Ink Group Bhd has proposed a renounceable rights issue of up to 42.8 million new ordinary shares of RM1 each, together with up to 42.8 million free new detachable warrants at an issue price of RM1.20 per rights share.
These will be issued on the basis of one rights share together with one free warrant for every one existing ordinary share of RM1 each, at an entitlement date to be determined and announced later.
“Based on the issue price of RM1.20 per rights share, the proposed rights issue with warrants is expected to raise gross proceeds of about at least RM23.88mil and up to RM51.36mil,” it told Bursa Malaysia.
The proceeds would be used mainly for the repayment of bank borrowings and working capital purposes.