PUC Founder gets Bursa's nod for cash call

by **Cals** Thu 10 Dec 2015, 00:53

PUC Founder gets Bursa's nod for cash call

By Chen Shaua Fui / theedgemarkets.com | December 9, 2015 : 11:07 PM MYT

KUALA LUMPUR (Dec 9): [size=16]PUC Founder (MSC) Bhd (PUCF) has obtained the approval from Bursa Securities ([You must be registered and logged in to see this image.]Valuation: 1.70, Fundamental: 2.30) and Securities Commission Malaysia for its proposed renounceable rights issue of Irredeemable Convertible Unsecured Loan Stock(ICULS) with warrants to raise up to RM83.90 million.

PUCF said in a statement that the SC had, vide its letter dated Dec 8, which was received today, approved the proposed issuance of the ICULS with warrants under section 214 (1) of the Capital Market and Services Act, 2007.

"We're thrilled to receive the good news and we will confirm the extraordinary general meeting (EGM) date as soon as possible, to start raising fund for our projects coming right up," said group managing director Cheong Chia Chieh.

“We have also recently, successfully submitted our 1 Mega-watt power solar PV application for the 2016 quota. We are on track with our plans to expand into the renewable energy segment.

“The corporate exercise will allow us to raise fund for our next 9.5MW solar project and by that, we hope to give good rewards and returns to our shareholders,” he added.

To recap, the company had announced the proposed rights issue on Aug 4, but revised the proposal on Oct 12 from two ICULS for every one PUC Founder's share, to 28 ICULS for every 20 PUC Founder's shares.

For the warrants portion, it was revised from one warrant-B for every eight ICULS subscribed, to seven warrants-B for every 28 ICULS subscribed.

PUCF's share rose 0.5 sen or 4.17% to close at 12.5 sen today, for a market capitalisation of RM127.9 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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