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Yinson's rights issue oversubscribed by 8.03 pct

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Yinson's rights issue oversubscribed by 8.03 pct Empty Yinson's rights issue oversubscribed by 8.03 pct

Post by Cals Tue 10 Jun 2014, 03:19

Yinson's rights issue oversubscribed by 8.03 pct
Business & Markets 2014
Written by Bernama   
Monday, 09 June 2014 20:50

KUALA LUMPUR (June 9): Yinson Holdings Bhd, an international independent offshore production and support services provider, said today that its rights shares were oversubscribed by 8.03 per cent.

It said that valid acceptances and excess applications received, amounted to 278.94 million units, an oversubscription of 20.74 million rights shares.

The rights shares are expected to be listed on the Main Market of Bursa Malaysia Securities Bhd on June 13 this year.

Upon the full completion of this exercise, the group will raise RM568.04 million, with the proceeds to be utilised for expansion activities and
repayment of borrowings.

"The objective of the corporate exercise is to strengthen our core capital and par down our gearing ratio.

"The group is also offering an opportunity to our shareholders, to be able to maintain their equity interest and participate in the, in prospects and future growth of the Group," Group Executive Chairman, Lim Han Weng, said in a statement.

He said that the group is optimistic on the industry's growth moving forward, and believes that Yinson is now well-positioned to leverage on the anticipated growth.
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