GREEN PACKET PLANS 1-FOR-5 RIGHTS ISSUE

PETALING JAYA: Green Packet Bhd proposes a renounceable rights issue to raise up to RM52.57 million for its business expansion plans. The rights issue entails an issuance of up to 150.2 million rights shares on the basis of one rights share for every five existing shares held, together with up to 450.61 million warrants on the basis of three warrants for every one rights share subscribed. Based on an indicative issue price of 35 sen per rights share, the gross proceeds from the proposed rights issue are expected to be as much as RM52.57 million. Assuming the full exercise of warrants within five years from its issuance date, Green Packet is expected to raise up to RM157.71 million. Green Packet last closed 6 sen or 17.6% higher at 40 sen on 3.13 million shares done.