Saudee Group’s rights issue oversubscribed

KUALA LUMPUR: Saudee Group Bhd’s two-call rights issue with warrants has been oversubscribed by 60.97%.

In a filing with Bursa Malaysia, the processed poultry and beef product manufacturer said at the close of acceptance on Thursday last week, the total valid acceptances and excess applications received were for 48,29 million rights shares, representing an oversubscription of 18.29 million shares.

Valid acceptances make up 98.05% of the total rights shares available for subscription (30 million shares) while the valid excess applications account for 62.92%.

The rights shares were offered at 50 sen each on the basis of one rights share for every three Saudee shares held, with three free detachable five-year warrants given for every two rights shares subscribed.

Saudee plans to utilise RM5mil from the gross proceeds (expected to be between RM7.5mil and RM10mil) to repay bank borrowings. The group has total borrowings of about RM57.13mil.

Saudee shares closed 1.5 sen lower at 36.5 sen on Wednesday.

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