Time Engineering-OS rights shares dn 27.5% on first day

KUALA LUMPUR: TIME ENGINEERING BHD [] rights shares fell 27.5% to 14.5 sen in very active trade in the morning session on the first trading day on Wednesday, July 6.

At 12.30pm, it was down 5.5 sen to 14.5 sen wtih 56.23 million units done.

The FBM KLCI rose 3.65 points to 1,585.50. Turnover was 528.67 million shares valued at RM769.30 million. There were 331 gainers, 285 losers and 307 counters unchanged.

The rights shares started will cease trading on July 13. The rights shares were issued under the Time Engineering’s corporate exercise.

It involved a renounceable offer for sale of up all its 626.18 million shares of TIME DOTCOM BHD [] at 53 sen per offer share.

This was a 33.75% discount to the five–day volume weighted average market price up to June 17, being the day prior to the price-fixing date. This was on the basis of eight offer shares for every 10 ordinary shares of Time Engineering held as at 5pm on Tuesday.

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