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NewsHot Stock Inari rises 2.12% on getting approval for RM100m matching grant
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Hot Stock Inari rises 2.12% on getting approval for RM100m matching grant
by Cals Sat 05 Mar 2016, 03:09
- Hot Stock
[size=28]Inari rises 2.12% on getting approval for RM100m matching grant
By Surin Murugiah / theedgemarkets.com | March 4, 2016 : 10:32 AM MYTKUALA LUMPUR (March 4): Shares of Inari Amertron Bhd rose 2.12% at mid-morning today after its wholly-owned subsidiary Inari Integrated System Sdn Bhd (IISB) has received a letter of approval from the Malaysian Investment Development Authority (MIDA) for a one-to-one matching grant of RM100 million.
At 10.15am, Inari rose 7 sen to RM3.37 with 934,200 shares traded.
In a filing with Bursa Malaysia, Inari said the matching grant was for the purpose of modernising and upgrading the manufacturing facilities, equipment and machineries of IISB for the manufacture of advanced communication chips and die preparation.
The semiconductor manufacturer said that the RM20 million matching grant will be in exchange of 20 million non-redeemable convertible preference shares (CPS) by Inari to MIDA or its nominee.
The CPS is convertible into ordinary shares of Inari at any time within a period of three years at a conversion price to be determined. The CPS will bear dividend at 2% per annum from the date of issuance until the date of conversion.
Inari added that the RM80 million matching grant will be disbursed by MIDA to IISB within a period of three years and IISB will pay dividend/interest at the rate of 2% per annum for a period of 10 years.
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