FSBM rights issue subscription rate reached 449.57%

KUALA LUMPUR: FSBM Holdings Bhd’s subscription applications for the rights issue in connection with the regularisation plan have reached a subscription rate of 449.57 per cent.

In a statement today, FSBM said that as at the close of acceptance, the total acceptances and excess applications for the rights issue with warrants stood at 1,063,945,972 rights shares, representing 449.57 per cent subscription of the total number of rights shares available for subscription under the rights issue with warrants.

The proposed renounceable rights issue related to 236,659,300 rights shares on the basis of one rights share for every existing FSBM share held at an issue price of RM0.03 per rights share, which includes up to 118,329,650 free warrants on the basis of one warrant for every two rights shares subscribed.

"The proceeds from the proposed renounceable rights issue will be utilised mainly for the expansion of the group’s existing information technology services business and its working capital purposes.

"The proposed regularisation plan is in the final stages and the company believes it will help restore performance and exit our PN17 status,” said the company.

FSBM is an investment holding company which engages in the distribution of computers and related products, and education-related products. - Bernama

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