KUALA LUMPUR (April 17) : Securities of SMPC Corp Bhd were among the most actively-traded and major decliners on the maiden trading day of the steel manufacturer’s rights units on Tuesday. The stock went ex-rights last Thursday.
SMPC’s rights issue of new shares (SMPC-OR) fell as much as 61% or 30 sen to settle at 19.5 sen at lunch break while the irredeemable convertible unsecured loan stocks (ICULS) which are traded as SMPC-LR fell as much as 90% or 4.4 sen to settle at 0.5 sen.
Meanwhile, SMPC shares declined as much as 26% to 98 sen before settling higher at RM1.08.
SMPC is undertaking a renounceable rights issue of up to 19.39 million new shares with 9.7 million free warrants on the basis of six rights units and three warrants for every two existing shares held.
The company is also implementing a renounceable rights issue of up to RM19.39 million worth of zero-coupon, 10-year ICULS with 9.7 million free warrants on the basis of RM6 worth of ICULS and three warrants for every two existing shares held.
In conjunction with the rights issue, SMPC implemented a capital reduction where it cancelled 90 sen from each existing share of RM1 and, subsequently, consolidated 10 units of 10 sen shares into one share of RM1.
SMPC’s rights issue of new shares (SMPC-OR) fell as much as 61% or 30 sen to settle at 19.5 sen at lunch break while the irredeemable convertible unsecured loan stocks (ICULS) which are traded as SMPC-LR fell as much as 90% or 4.4 sen to settle at 0.5 sen.
Meanwhile, SMPC shares declined as much as 26% to 98 sen before settling higher at RM1.08.
SMPC is undertaking a renounceable rights issue of up to 19.39 million new shares with 9.7 million free warrants on the basis of six rights units and three warrants for every two existing shares held.
The company is also implementing a renounceable rights issue of up to RM19.39 million worth of zero-coupon, 10-year ICULS with 9.7 million free warrants on the basis of RM6 worth of ICULS and three warrants for every two existing shares held.
In conjunction with the rights issue, SMPC implemented a capital reduction where it cancelled 90 sen from each existing share of RM1 and, subsequently, consolidated 10 units of 10 sen shares into one share of RM1.
