KUALA LUMPUR (July 28): Small cap outfit Oversea Enterprise Bhd has proposed a private placement, followed by a rights issue, to raise funds for the expansion of its restaurant and manufacturing businesses.
Oversea Enterprise currently has an issued share capital of 884.75 million shares, inclusive of 11.7 million treasury shares, the group’s filing showed.
The plan is to issue a minimum of 261.92 million shares under the private placement, representing 30% of its enlarged share capital, to raise between RM20.04 million and RM30.32 million.
This is followed by a one-for-one rights issue, together with free detachable warrants on the basis of one warrant for every three rights shares subscribed.
Oversea Enterprise plans to procure written undertakings from shareholders to subscribe to a minimum of 166.67 million rights shares, it said.
The targeted minimum subscription underlines 14.68% of the available rights issue under the base case scenario, to raise at least RM10 million, the group said.
The group’s indicative share price for both exercises is 6 sen per share, it added.
Proceeds from the exercises, which will be anywhere between RM30.04 million and RM133.38 million, will be used to fund the expansion of Oversea Enterprise’s four new restaurants in Kuala Lumpur and Genting Highlands.
They will also be used for the expansion and upgrading of the group’s two food products manufacturing facilities in Shah Alam, and as working capital.
Oversea Enterprise said the free warrants are expected to have a three-year tenure. The group also has 436.53 million outstanding warrants expiring March 4, 2024, with an exercise price of 16 sen per share.
Shares of Oversea Enterprise closed down 1 sen or 8% at 11.5 sen today, valuing the group at RM97.83 million.
PP and RI will go together with a 10 course dinner for everyone who take it up. 10 course dinner will have the following dishes - nasi lemak, fried rice, economy rice, fried meehoon, pisang goreng, maggie mee pedas, roti canai, capati, mutu mayam and kangkung belacan.
Directors asking for money from shareholders again. Good only in fund raising and hopeless in making business profit.
Two of the directors : -------------------------------------------------
Date of change 14 Jul 2021 Name MR TAY BEN SENG, BENSON Age 37 Gender Male Nationality Malaysia Designation Executive Director Directorate Executive Type of change Appointment
---------------------------------------------------- Date of change 07 Oct 2020 Name DATUK CHAI WOON CHET Age 42 Gender Male Nationality Malaysia Designation Director Directorate Executive Type of change Appointment
0153 OVERSEA OVERSEA ENTERPRISE BERHAD MULTIPLE PROPOSALS MULTIPLE PROPOSALS OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY")(I) PROPOSED PRIVATE PLACEMENT; AND(II) PROPOSED RIGHTS ISSUE WITH WARRANTS(COLLECTIVELY REFERRED TO AS THE "PROPOSALS") You are advised to read the entire contents of the announcement or attachment. To read the entire contents of the announcement or attachment, please access the Bursa website at http://www.bursamalaysia.com
OVERSEA ENTERPRISE BERHAD ("OVERSEA" OR THE "COMPANY") (I) PROPOSED PRIVATE PLACEMENT; AND (II) PROPOSED RIGHTS ISSUE WITH WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
On behalf of the Board, Mercury Securities is pleased to announce that Bursa Securities had, vide its letter dated 6 October 2021, approved the following:-
(i) admission to the Official List and the initial listing and quotation of up to 572,554,997 Warrants B to be issued pursuant to the Proposed Rights Issue with Warrants;
(ii) listing of up to 396,384,000 new Shares to be issued pursuant to Proposed Private Placement;
(iii) listing of up to 319,417,134 additional Warrants A arising from the adjustments in accordance with the provisions of the deed poll for Warrants A, pursuant to the Proposed Rights Issue with Warrants (“Additional Warrants A”);
(iv) listing of up to 1,717,664,991 Rights Shares to be issued pursuant to Proposed Rights Issue with Warrants;
(v) listing of up to 572,554,997 new Shares to be issued pursuant to the exercise of Warrants B; and
(vi) listing of up to 319,417,134 new Shares to be issued pursuant to the exercise of the Additional Warrants A.
=========================================== Fund raising via Rights Issue with free warrant approved by Bursa.
Coming soon. Get your money ready if wish to contribute to the fund raising.
On behalf of the Board, Mercury Securities wishes to announce that the Company has obtained an undertaking from Tay Ben Seng, Benson (Executive Director of the Company) in relation to his subscription of Rights Shares to meet the Minimum Subscription Level for the Proposed Rights Issue with Warrants.
================================== Shareholdings of directors :
Name of Directors No. of Shares %
Datuk Chai Woon Chet 453,778,476 51.976 Yu Soo Chye @ Yee Soo Chye 29,101,800 3.333 Lee Seng Fan 8,178,488 0.937 Khong Yik Kam 300,000 0.034 Tay Ben Seng, Benson 1,100,000 0.126
CIRCULAR TO SHAREHOLDERS IN RELATION TO THE:- (I) PROPOSED PRIVATE PLACEMENT; AND (II) PROPOSED RIGHTS ISSUE WITH WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
================================== Details of EGM :
Last date and time for lodging the Proxy Form : Saturday, 30 October 2021 at 11.00a.m. Date and time of the EGM : Monday, 1 November 2021 at 11.00 a.m. Venue of the EGM : Online meeting platform as operated by Mlabs Research Sdn Bhd in Malaysia via https://rebrand.ly/OverseaEGM
=========================================== Fund raising via Rights Issue with free warrant approved by Bursa.
Coming soon. Get your money ready if wish to contribute to the fund raising.
Private Placement of 261,916,000 new ordinary shares in Oversea Enterprise Berhad to Lim Kon Lian
No. of shares issued under this corporate proposal 261,916,000 Issue price per share ($$) Malaysian Ringgit (MYR) 0.0737
Latest issued share capital after the above corporate proposal in the following Units 1,146,670,000
Listing Date 19 Nov 2021
=======================================
Particulars of Substantial Securities Holder Name MR LIM KON LIAN Date interest acquired 18 Nov 2021 No of securities 261,916,000 Subscription of shares via Private Placement
Direct (units) 261,916,000 Direct (%) 23.077 Date of notice 18 Nov 2021
A classic case of kon holland penny stocks cover buy fintec spy 2511, be very careful of this konmen loh!
Posted by whistlebower99 > Dec 23, 2021 3:59 PM | Report Abuse
FOR NEWBIES
SOME PENNY STOCKS THAT HAD RIGHTS ISSUE IN 2021
1. FAST Ex-Date 17 Nov 2021 RI price = 12 Current price = 8.5
2. PERMAJU Ex-Date 03 Nov 2021 RI price = 7 Current price = 4
3. PDZ Ex-Date 30 Sep 2021 RI price = 14 Current price = 4
4. TWL (TIGER) Ex-Date 08 Sep 2021 RI price = 4 Current price = 5
5. KANGER Ex-Date 27 Aug 2021 RI price = 6 Current price = 2
6. LAMBO Ex-Date 11 Aug 2021 RI price = 10 Current price = 5
7. BCM Ex-Date 23 Jul 2021 RI price = 8 Current price = 2.5
8. AEM Ex-Date 19 Jul 2021 RI price = 5 Current price = 3
9. Pasukgb Ex-Date 21 Jun 2021 RI price = 10 Current price = 2
10. SAUDEE Ex-Date 20 May 2021 RI price = 15 Current price = 5.5
========== Most of the RI shares were under subscribed by retail investors A big portion of the excess rights shares were subscribed by operators
Most retail investors getting smarter not to contribute more money to directors who are good in fund raising but not in generating profits from main businesses.
2 major shareholders after completion of private placement to Mr Lim Kon Lian
========================== Notice of Interest Sub. S-hldr (Section 137 of CA 2016) OVERSEA ENTERPRISE BERHAD Particulars of Substantial Securities Holder Name MR LIM KON LIAN Subscription of shares via Private Placement
Direct (units) 261,916,000 Direct (%) 23.077 Indirect/deemed interest (units) 0 Indirect/deemed interest (%) 0 Date of notice 18 Nov 2021
============================
Name DATUK CHAI WOON CHET Direct (units) 453,778,476 Direct (%) 39.981 Indirect/deemed interest (units) Indirect/deemed interest (%) Date of notice 22/11/2021
============================
Fund raising via rights issue on the way Shareholders need to take out more money to subscribe for rights
LKL family & gang, probably refocus on pasukhas... after pushing up oversea.... no news on oversea's right issue... very likely abandoned the RI to consolidate funds to push pasukhas
Right issue untuk oversea tak jadi dah? Bos lkl mau fokus kpd pasukhas kot? Sabar je. Harga Oversea ~15sen Kini walaupun dah split kpd 3. 15sen x 3 = 45sen. Puak yg membeli majoriti syer founder’s oversea cuma beli dengan harga 30sen je. Nta oversea 7sen je Kini. Oversea juga dalam pemulihan dan tak pernah untung sejak diambil alih, dibeli, dll
Oversea tak pernah untung sejak tahun 2016. aset bersih kini hanya 7sen... pasukhas aset bersih 26sen, tahun 2021 hampir breakeven jika tak ambil kira impairment, write off yang one-off je,
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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....
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Posted by Good123 > 2021-07-29 07:35 | Report Abuse
:)
KUALA LUMPUR (July 28): Small cap outfit Oversea Enterprise Bhd has proposed a private placement, followed by a rights issue, to raise funds for the expansion of its restaurant and manufacturing businesses.
Oversea Enterprise currently has an issued share capital of 884.75 million shares, inclusive of 11.7 million treasury shares, the group’s filing showed.
The plan is to issue a minimum of 261.92 million shares under the private placement, representing 30% of its enlarged share capital, to raise between RM20.04 million and RM30.32 million.
This is followed by a one-for-one rights issue, together with free detachable warrants on the basis of one warrant for every three rights shares subscribed.
Oversea Enterprise plans to procure written undertakings from shareholders to subscribe to a minimum of 166.67 million rights shares, it said.
The targeted minimum subscription underlines 14.68% of the available rights issue under the base case scenario, to raise at least RM10 million, the group said.
The group’s indicative share price for both exercises is 6 sen per share, it added.
Proceeds from the exercises, which will be anywhere between RM30.04 million and RM133.38 million, will be used to fund the expansion of Oversea Enterprise’s four new restaurants in Kuala Lumpur and Genting Highlands.
They will also be used for the expansion and upgrading of the group’s two food products manufacturing facilities in Shah Alam, and as working capital.
Oversea Enterprise said the free warrants are expected to have a three-year tenure. The group also has 436.53 million outstanding warrants expiring March 4, 2024, with an exercise price of 16 sen per share.
Shares of Oversea Enterprise closed down 1 sen or 8% at 11.5 sen today, valuing the group at RM97.83 million.