Private placement, rights issue planned
Desiran Sdn Bhd, to allow it to extract and remove at the contractor’s own cost, all commercial logs and/or merchantable timber within the area.
Priceworth is also proposing the acquisition of Sinora by GSR at net asset value.
Besides the proposed listing exercise, other funding plans include a private placement of up to 10% of existing issued and paid-up capital, special issue of 141.25 million shares, renounceable two-call twofor-one rights issue of up to 1.69 billion new shares with one bonus share for every two rights shares subscribed.
Priceworth shares shot up 4% or half a sen in the morning session of trading prior to its suspension pending the announcement yesterday. It closed 13 sen, with 9.94 million shares changing hands.