At the EGM on Tuesday, Orion's shareholders approved its corporate exercise to undertake a renounceable rights issue of 465.85 million new rights shares together with 232.93 million warrants to finance the purchase. This would be on the basis of seven rights shares for every two existing Orion shares held on the entitlement date together with one free warrant for every two rights shares subscribed. The issue price of the rights shares would be determined at a later date. Orion CEO and executive director Abdul Rani Achmed Abdullah said both the Orion Group and ASAP provided solutions of similar nature. ASAP’s prospects in the CMMS market remains favourable taking into consideration the historical growth in the Malaysian CMMS market as well as ASAP’s competitive strengths.

Source: The Star May 30, 2017 08:14 UTC