Hot Stock MAS falls 6%, rights shares start trading

Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 07 May 2013 10:29
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KUALA LUMPUR (May 7): MALAYSIAN AIRLINE SYSTEM BHD []
(MAS) securities fell to become the most-actively traded entities on the
first trading day of the company's rights units.
The rights units which are traded under the name MAS-OR, tumbled as
much as 7.5 sen or 43% to 10 sen before trading at 10.5 sen at
10.13am with some 130 million units done.
Earlier, MAS shares dropped as much as 2.5 sen or 6% to 38 sen
before changing hands at 39 sen at 10.11am with about 19 million
shares traded.
The firm has undertaken a renounceable rights issue of up to 13.37
billion new shares at 23 sen each to raise about RM3 billion. The
company has offered four rights shares for one existing share held.
MAS shares had traded ex-rights last Thursday (May 2).
The rights units have a reference price of 17.5 sen, derived from subtracting their issue price of 23 sen from MAS shares'
latest closing price of 40.5 sen.