Inari slumps on cash call, profit taking

KUALA LUMPUR: Inari Amerton's shares and it warrants fell early Monday as investors reacted negatively to its cash call and also due to profit taking.

At 9.10am, the shares fell six sen to RM3.07. Turnover was 722,700 shares ranging from RM3.03 to RM3.11.

Its share price surged to a record high of RM3.15 on July 3.

Inari's warrants fell four sen to RM2.66.  There were 369,700 units traded at prices ranging from RM2.64 to RM2.69.

The FBM KLCI rose 1.54 points to 1,886.45. Turnover was 172.62 million shares valued at RM72.65mil. There were 209 gainers, 104 losers and 201 counters unchanged.

Last Friday, Inari announced plans to undertake a renounceable rights issue on the basis of one rights share and one free warrant for every existing eights shares held at an indicative issue price of rights share at RM1.50.

The corporate exercise involved the rights issue of up to 88.825 million rights shares together with up to 88.825 million warrants.

Based on the indicative issue price of RM1.50 per rights share, the proposed rights issue with warrants will raise between RM100.27mil and RM133.24mil.

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