Vizione raises nearly RM59m from rights issue

KUALA LUMPUR: Vizione Holdings Bhd raised gross proceeds of about RM58.92mil from its renounceable rights issue of new shares with free warrants.

The construction company, which was formerly known as Astral Supreme Bhd, said on Thursday it had recorded a final subscription level of 99.84%, or 582.92 million rights shares.

Given the funding, Vizione is set to secure more construction projects to boost its future earnings.

Vizione managing director Datuk Ng Aun Hooi said the fund raising exercise reflected shareholders’ confidence, trust and support for the management team. 

“These funds will be utilised to continue the company’s commitment to profitability and growth,” he said. 

With the support of shareholders, the group said it was eager to work towards improving its fundamentals and enhancing shareholders’ value over the long term.

The corporate exercise involved the rights issue of new 10 sen shares each on the basis of two rights shares for every one share held at the entitlement date, togethwe with free detachable warrants. This was on the basis of one warrant-C for every two rights shares subscribed.

At the close of acceptance, excess application and payment on Jan 24, the total valid acceptances and total valid excess applications received for the rights issue with warrants was 582.92 million rights shares with warrants.

This was about 99.84% of the rights shares with warrants available for acceptances, which was an under-subscription rate of 0.16%.

Vizione pointed out the minimum subscription level of 90 million rights shares together with 45 million warrants-C for the rights issue with warrants had been achieved.

Though the rights shares with warrants had not been fully subscribed for, the board alloted the rights shares with warrants to all applicants who applied for the excess rights shares with warrants.

The rights shares with warrants are expected to be listed and quoted on the Main Market of Bursa Securities on Feb 10, 2017.