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Minetech rolls out rights issue to commence fundraising exercise series

Local

MINETECH Resources Bhd – as part of its series of corporate exercises – has kick-started its fund raising activities with a renounceable rights issue of up to 582.66 million new irredeemable convertible preference shares (ICPS) at an issue price of 3 sen per ICPS on the basis of one ICPS for every two existing shares held by entitled shareholders.

In the abridged prospectus issued yesterday (Sept 23) by the company’s principal advisor TA Securities Holdings Bhd, Minetech said any unsubscribed ICPS will be made available for excess applications by entitled shareholders and/or their renouncee(s)/transferee(s).

The company also highlighted some important deadlines which include the last date for sale of provisional allotments (Sept 30), last date for transfer of allotments (Oct 4) and last date for acceptance/payment and/or excess application/payment (Oct 8)

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