Naim to raise up to RM160mil from rights issue

KUCHING: Naim Holdings Bhd targets to raise up to RM159.9mil from a proposed rights issue, with the proceeds mainly to be utilised to fund residential property projects.

The Sarawak property developer has proposed to undertake a renounceable rights issue of up to 355,416,000 new ordinary shares at an issue price of 45 sen a piece on the basis of three rights shares for every two existing shares.