KUALA LUMPUR: Telecommunication network company OCK Group Bhd is proposing to raise as much as RM24.4mil by issuing renounceable rights shares with warrants.
Proceeds from the proposed exercise would be used to reduce debts (RM10mil) and working capital (RM13.65mil), the company said in a filing with Bursa Malaysia today.
OCK said the rights shares will be issued on the basis of one rights share for-every ten OCK shares.
Each rights share comes with one detachable warrant B.
The company has also proposed to implement an employees share option scheme (ESOS).
In November last year, the company raised RM52.26mil via a private placement exercise.