Raya International to raise up to RM22 milllion
PETALING JAYA: Raya International Bhd proposes to raise up to RM22.07 million via a rights issue exercise, which will be partly used to fund the acquisition of two vessels for RM6 million.
This comes about a year since a private placement exercise in 2015 and just months after it held a special bumiputra issue earlier this year.
In a filing with the stock exchange, it said the rights issue, which entails the issuance of up to 183.95 million new shares, is undertaken on the basis of one rights share for every one existing Raya share held.
The purchase prices for Sturgeon and Straits 1 are RM3.2 million and RM2.8 million, respectively.
Based on an indicative issue price of 12 sen per rights share, the rights issue is expected to raise up to RM22.07 million, to fund the acquisition of Straits 1 and as working capital.
The proposed rights issue will be implemented after the completion of the acquisition of Sturgeon.
Raya International is involved in the distribution of water filter components and the trading of fast-moving consumer goods for supply to government flood aid recipients. It started diversifying into oil bunkering services in June.