KUALA LUMPUR (June 7): Impiana Hotels Bhd has proposed to undertake a five-to-one share consolidation and issuances of redeemable convertible notes to raise up to RM150 million, mainly for repayment of borrowings and working capital.
In a filing with Bursa Malaysia, the group said the proposed share consolidation is undertaken due to, amongst others, the potential dilutive effect arising from the increase in the number of shares resulting from the conversion of the notes. It added that the exercise should potentially help in reducing volatility in its trading price.
The redeemable convertible notes will mature in 36 months with 2.0% interest per annum, payable semi-annually. Issued in four tranches, the notes will be privately placed to Advance Opportunities Fund and Advance Opportunities Fund 1.
Kenanga Investment Bank Bhd has been appointed as the principal adviser for the proposals and lead arranger and facility agent for the notes' issuances.
Recall that Impiana in May and December 2021 completed private placements of 39 million and 150 million new shares respectively, raising a total of RM13.07 million.
As at June 2021, the group had accumulated losses of RM109.01 million.
Impiana's share price closed half a sen lower at three sen, giving it a market capitalisation of RM43.33 million.
Source: TheEdge - 8 Jun 2022
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