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Tambun Indah gets shareholders’ OK to raise RM44.2 million

April 6, 2012

KUALA LUMPUR: Tambun Indah Land Bhd has received shareholders’ nod to issue two rights shares plus one free warrant for every five existing ordinary shares held.

In a statement today, the property developer said the proposed renounceable rights with warrants would raise a minimum of RM44.2 million.

It would involve the issuance of 88.4 million new ordinary shares at an indicative rights issue price of 50 sen each and 44.2 million free detachable warrants, it said.

Tambun Indah said most of the proceeds from the rights would be used to part-finance its development projects, including its flagship Pearl City township.

“The total gross development value for Pearl City is estimated to be RM2.8 billion, with the township targeted to be fully developed by 2020,” it said.

However, Tambun Indah said, the proposed renounceable rights issue and warrants were still subject to approvals from the Securities Commission and other regulatory authorities.

It said the rights would increase its share capital to RM154.7 million, comprising 309.4 million shares of 50 sen par.

MIDF Investment Bank is the managing underwriter and adviser for the corporate exercise. –Bernama


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