Hiap Teck revises entitlement after shares fall

The corporate exercise had involved raising RM213.72mil worth of five-year 5% redeemable convertible unsecured Islamic debt securities (RCUIDS) via a renounceable rights issue, for its working capital requirements. It included a bonus issue to boost the trading liquidity of its shares and increasing its capital base.

However, the steel pipe manufacturer said on Friday the fall in its share price from 50.5 sen as at June 1, 2015, to 25 sen had prompted the revised entitlement. A shareholder who holds 100 shares, entitled to 40 units of 50 sen nominal value of RCUIDS amounting to RM20 together with 40 new warrants and 80 bonus shares.