Raya In­ter­na­tional to raise up to RM22 mil­l­lion

The Sun (Malaysia) - - MEDIA & MARKETING -

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.

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