Utusan plans to place out new shares for cash following default on its loans

KUALA LUMPUR: Utusan Melayu (M) Bhd has proposed to place out new shares for RM2.1mil after the newspaper publisher defaulted on its loans.

The UMNO-linked media organisation said in its filings yesterday that the proposed exercise would see the issuance of up to 11.07 million new Utusan shares to be placed out to third party investors that will be identified at a later stage. The issue price of the placement shares, it said, would be determined and fixed at a later date on receipt of all relevant approvals for the proposed private placement.