CUSCAPI BHD
KLSE (MYR): CUSCAPI (0051)
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Last Price
0.19
Today's Change
+0.005 (2.70%)
Day's Change
0.185 - 0.19
Trading Volume
749,700
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Winmore88
1,165 posts
Posted by Winmore88 > 2017-11-02 19:34 | Report Abuse
KUALA LUMPUR (Nov 2): Cuscapi Bhd said the proceeds raised from a proposed issuance of new shares in the company will be reduced by one-third after the largest investor Ultimate Quality Success Sdn Bhd (UQS) expressed concern over the issuance of additional shares to the other three investors.
Thus, the funds raised will now be RM53.2 million, instead of RM79.8 million.
"After engagement with UQS, Cuscapi held discussions with the other three investors who agreed to mutually terminate their respective subscription agreements with Cuscapi," said the company in a filing with Bursa Malaysia today.
Cuscapi said out of the total proceeds, RM46.5 million or 87.4% will be used for business expansion within two years, RM6 million for working capital within a year and the remaining RM700,000, for expenses related to the exercise.
On Oct 10, the company had announced UQS and three other investors — Ong Chin Hui, Tan Sri Koh Kin Lip and Datuk Dr Tan Kim Heung — had entered into subscription agreements for the proposed issuance of 300 million new shares in Cuscapi, together with 60 million warrants.
The subscription agreements were entered by Cuscapi with the four investors independently, and the agreement are not interconditional to one another.
Cuscapi shares closed one sen or 2.44% higher at 42 sen today, with 13.92 million shares done, giving it a market capitalisation of RM13.9 million.