Memiontec Proposes 2:3 Rights Issue, Free Warrants; Shares Fall neary 7%
Shares of Memiontec slumped nearly 7% in recent trading.
Memiontec is planning to boost its working capital through a renounceable non-underwritten rights cum warrants issue.
The wastewater management solutions firm proposes issuing up to 440,514,000 new ordinary shares at SG$0.009 per rights share, coupled with up to 704,822,398 free detachable warrants.
Each warrant carries the right to subscribe for one new ordinary share at SG$0.003, according to a Wednesday filing with the Singapore Exchange.
Shareholders will receive two rights shares for every three shares they currently own. Additionally, for every five rights shares they subscribe to, they will receive eight warrants.
ZICO Capital has been appointed as the manager of the proposed deal, and the company intends to seek shareholders' approval at an extraordinary general meeting.
Gross proceeds, estimated at SG$3.97 million, will be used for working capital.
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