Hiap Teck eyes RM214m from rights issue, considers bonus issue

PETALING JAYA: Hiap Teck Venture Bhd has proposed to raise up to RM213.72mil via a renounceable rights issue for its working capital requirements, and undertake a bonus issue to boost the trading liquidity of its shares, while increasing its capital base.

In its filings with Bursa Malaysia, the steel pipe manufacturer said it had planned for a renounceable rights issue of up to RM213.72mil worth of five-year 5% redeemable convertible unsecured Islamic debt securities (RCUIDS) on the basis of two RCUIDS for every five Hiap Teck shares held on the entitlement date, together with up to 320.58 million new warrants on the basis of three new warrants for every four RCUIDS subscribed.