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NewsMBSB plans up to RM1.47b rights issue
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MBSB plans up to RM1.47b rights issue
by Cals Fri 11 Oct 2013, 08:29
MBSB plans up to RM1.47b rights issue
Posted on 11 October 2013 - 05:39am
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PETALING JAYA (Oct 11, 2013): Malaysia Building Society Bhd (MBSB) plans to raise up to RM1.47 billion via a rights issue to fund its lending business expansion.
MBSB said RM1.1 billion of the proceeds from the exercise will be used to expand its financing business including personal financing, property financing, corporate and project financing, mortgage and corporate loans.
Another RM400 million will be used to buy financial instruments qualified as liquefiable assets and the remaining RM9.5 million to defray expenses related to the rights issue.
"The actual gross proceeds to be raised will depend on the final issue price and the total number of rights shares to be issued," said MBSB in a filing with Bursa Malaysia yesterday.
It added that its major shareholder the Employees Provident Fund, which holds a 64.7% stake in MBSB, has given a written undertaking yesterday to fully subscribe for its entitlement under the proposed rights issue.
MBSB is also proposing a dividend reinvestment plan (DRP) that gives shareholders the option to elect to reinvest their dividend entitlements in new MBSB shares.
Under the proposed DRP, the cash that would otherwise be paid out by way of dividends, will be preserved to fund working capital and/or other requirements of MBSB Group.
The proposals are expected to be completed by the first quarter of 2014.
[You must be registered and logged in to see this link.]
PETALING JAYA (Oct 11, 2013): Malaysia Building Society Bhd (MBSB) plans to raise up to RM1.47 billion via a rights issue to fund its lending business expansion.
MBSB said RM1.1 billion of the proceeds from the exercise will be used to expand its financing business including personal financing, property financing, corporate and project financing, mortgage and corporate loans.
Another RM400 million will be used to buy financial instruments qualified as liquefiable assets and the remaining RM9.5 million to defray expenses related to the rights issue.
"The actual gross proceeds to be raised will depend on the final issue price and the total number of rights shares to be issued," said MBSB in a filing with Bursa Malaysia yesterday.
It added that its major shareholder the Employees Provident Fund, which holds a 64.7% stake in MBSB, has given a written undertaking yesterday to fully subscribe for its entitlement under the proposed rights issue.
MBSB is also proposing a dividend reinvestment plan (DRP) that gives shareholders the option to elect to reinvest their dividend entitlements in new MBSB shares.
Under the proposed DRP, the cash that would otherwise be paid out by way of dividends, will be preserved to fund working capital and/or other requirements of MBSB Group.
The proposals are expected to be completed by the first quarter of 2014.
Cals- Administrator
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