IOI PROP TO RAISE RM1.53B TO RE­PAY BOR­ROW­INGS

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: IOI Prop­er­ties Group Bhd has pro­posed a re­nounce­able rights is­sue ex­er­cise to raise up to RM1.53 bil­lion to re­pay its bor­row­ings. In a fil­ing with the stock ex­change, the prop­erty de­vel­oper said it en­tails the is­suance of up to 1.11 bil­lion rights shares at an is­sue price of RM1.38 per share, on the ba­sis of one rights share for ev­ery four ex­ist­ing shares held. IOI Prop­er­ties noted that the rights is­sue is mainly un­der­taken to raise funds to re­duce the group’s bor­row­ings, which stood at about RM4.3 bil­lion as at June 30, 2016.

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