Fajarbaru to undertake rights issue

In a filing with Bursa Malaysia, the construction and property group said the proposed corporate exercise would involve an issuance of up to 373.88 million rights shares

PETALING JAYA: Fajarbaru Builder Group Bhd has proposed to undertake a renounceable rights issue with warrants to raise up to RM37.4mil to finance existing and future projects as well as its working capital requirements.

In a filing with Bursa Malaysia, the construction and property group said the proposed corporate exercise would involve an issuance of up to 373.88 million rights shares on the basis of one rights share for every one existing share held, together with up to 373.88 million warrants on the basis of one warrant for every one rights share subscribed for on an entitlement date to be determined later.