KUALA LUMPUR (April 10) : SMPC Corp Bhd shares rose as much as 7% on Tuesday morning as investors chased the stock before it goes ex-rights this Thursday. The final day of lodgement is on April 16.
The steel manufacturer climbed 17 sen to reach an intraday high of RM2.53 before trading lower at RM2.50 at 11.56am. Some 251,000 shares changed hands. At RM2.50, the stock had gained 24% from a week earlier when it closed at RM2.01.
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 irredeemable convertible unsecured loan stocks (ICULS) with 9.7 million free warrants on the basis of RM6 worth of ICULS and three warrants for every two existing shares held.
The steel manufacturer climbed 17 sen to reach an intraday high of RM2.53 before trading lower at RM2.50 at 11.56am. Some 251,000 shares changed hands. At RM2.50, the stock had gained 24% from a week earlier when it closed at RM2.01.
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 irredeemable convertible unsecured loan stocks (ICULS) with 9.7 million free warrants on the basis of RM6 worth of ICULS and three warrants for every two existing shares held.
