S P Setia proposes RCPS-i C issuance to raise up to RM1.18bil proceeds

KUALA LUMPUR: SP Setia Bhd has proposed to undertake a renounceable rights issue of new class C Islamic redeemable convertible preference shares (RCPS-i C) to raise gross proceeds of up to RM1.18 billion.

The proceeds would be used to finance the redemption of all the outstanding RCPS-i B which were issued on Dec 29, 2017 and bears a preferential dividend rate of 5.93 per cent, the property developer said in a filing with Bursa Malaysia today.