KLSE (MYR): SUNWAY (5211)
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Last Price
4.99
Today's Change
+0.02 (0.40%)
Day's Change
4.97 - 5.05
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InvestNotGamble
134 posts
Posted by InvestNotGamble > 2020-08-26 22:29 | Report Abuse
@david6055my, ICPS is the recent activity proposed by Sunway management to give existing shareholder chance to buy preferential share based on 5 to 1 Ratio at rm1 per share. This is to gather new funding from shareholder to strengthen sunway’s cash flow to make sure she surf through covid crisis. In order for this to take effect major shareholder like Jeffrey Cheah and EPF need to chip in to make this works, so to launch this first Sunway must obtain support from major shareholders, and they set a minimum 900m funding target to be raised. And it is stated clearly 70% of the funding to be used for loan clearing, 20% for medical field development. This is a very good move indeed. And holder of ICPS get 5%++ interest per year, and get to convert into mother share at the 4th-5th year.
To make it simple, major shareholders of sunway berhad is willing to inject more capital into the company due to strong confident and ambition on future growth, and they won't do it for free, they want to do it at a discounted price rm1, and get 5++% interest per year (much better than FD at the moment).
So if you ask me this ICPS (Irredeemable convertible preference shares) is worth or not, i will tell you this is the brilliant idea of sunway majority shareholders figure out how to get more share at discounted price and make it a 5 year high interest FD at the same time.
Remember u can only buy 1 for each 5 sunway share u hold.