KUALA LUMPUR (Nov 1): Sarawak Oil Palms Bhd (SOP) has fixed the issue price for its two-for-seven renounceable rights issue at RM2.80 per share, which could raise up to RM357.84 million for the company. In a filling with Bursa Malaysia today, SOP said the issue price represents a discount of 20.45% or 72 sen to the theoretical ex-rights price of SOP shares of RM3.52, based on the five-day volume weighted average price (VWAP) of SOP shares up to Oct 31 of RM3.73 per share. The group announced the renounceable rights issue of up to 127.8 million shares on July 4, to part finance its acquisition of Shin Yang Oil Palm (Sarawak) Sdn Bhd for RM873 million. SOP shares closed up 2 sen or 0.54% at RM3.73 today, giving it a market capitalisation of RM1.65 billion.

Source: The Edge Markets November 01, 2016 10:59 UTC