OSK Property plans rights issue with warrants

Petaling Jaya: OSK Property Holdings Bhd has proposed a renounceable one-for-10 rights issue of up to 23.74 million new shares in OSK Property together with up to 71.21 million free detachable warrants on the basis of three warrants for each rights share subscribed to, on an entitlement date to be determined later.

It also proposes a bonus issue of up to 47.48 million OSK Property shares on the basis of two new OSK Property shares for every one rights share subscribed by the existing shareholders pursuant to the proposed rights issue with warrants.

There is a proposed restricted issue of up to 50 million new warrants to the holders of unexercised 2007/ 2012 Warrant B on the basis of one new warrant for every one existing Warrant B held on an entitlement date to be determined later.

Based on the indicative price of RM1 per rights share, the proposed rights issue with warrants is expected to raise gross proceeds of at least RM18.74mil and up to RM23.74mil.