KUALA LUMPUR: Shares in Bioalpha Holdings Bhd fell over 5% in early trade Wednesday after it announced its rights issue of new shares and irredeemable convertible preference shares (ICPS).
The health-supplement manufacturer fell 5.56%, or 1.5 sen to 25.5 sen with 18.9 million shares done.
Bioalpha has proposed to undertake a rights issue of up to 83.34 million new shares and a rights issue of up to 208.34 million new ICPS to raise funds primarily for the group's working capital requirements.
Bioalpha said the company's fundraising plans include a private placement of 290 million new ICPS in the group.
Bioalpha said the rights issues of new shares and new ICPS besides the private placement of the new ICPS are expected to raise gross proceeds of up to RM31.63mil for the company.
It said the rights issue of up to 83.34 million new shares will be undertaken on the basis of one rights share for every 15 existing shares held while the rights issue of up to 208.34 million new ICPS will be implemented on the basis of one rights ICPS for every six existing Bioalpha shares held.
Bioalpha said the issue prices of the rights shares and rights ICPS will be fixed and announced by the company at a later date.
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