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Thursday, January 18, 2018

Adventa to undertake RM50mil fund raising exercise

Wednesday, 17 Jan 20188:40 PM MYT

KUALA LUMPUR: Medical services company Adventa Bhd

image: is proposing a RM50mil fund raising scheme to pay for its business expansion.

The company, in a filing with Bursa Malaysia today, said it is planning to undertake a renounceable rights issue of 91 million new shares with free detachable warrants.

The rights issue will be offered to existing shareholders on the basis of three rights shares for every five shares held at a date to be determined later.

The rights shares will be issued at 55 sen each.

The free rights warrant, which can be converted into ordinary Adventa share within five years, will be given of the basis one for every two rights shares subscribed.

The conversion price of the free warrants was set at 65 sen each.

Meanwhile, the company has proposed that its major shareholder and managing director Low Chin Guan to be exempted from making a mandatory general offer after subscribing to the rights issue.

Low has a 43.4% stake in the company.

His stake in the company will increase by 2% after the rights issue exercise, triggering a mandatory takeover of the remaining shares in the company he did not own.

Adventa said Low has no intention undertake the mandatory offer.


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