JAKS Resources slides on cash call, downgrade

Public Invest Research said JAKS intended to raise minimum gross proceeds of RM130mil with its major shareholder, namely Ang Lam Poah (pic) taking up to RM50mil worth, and the remaining RM80mil to be taken by underwriters to be identified later to achieve minimum subscription of RM130mil.

KUALA LUMPUR: Shares of JAKS Resources fell after it proposed another cash call to raise up to RM160.92mil while it was downgraded by Public Invest Research to “underperform”.

Its share price on Bursa Malaysia closed 15 sen lower to 88 sen.