TM International Bhd, Malaysia’s state-controlled mobile-phone operator, offered to sell stock at a 57 per cent discount in a rights issue to raise RM5.25 billion (US$1.4 billion) and help pay off debt.
Shareholders will be able to buy five new TM International shares for every four owned, the company said in a filing to the stock exchange in Kuala Lumpur today. TM International is offering RM4.69 billion new shares at RM1.12 each, less than half the stock’s closing price of RM2.61 yesterday on the Malaysian stock exchange.
TM International had tumbled as much as 30 per cent since February 26, when the company announced the rights issue plan. The stock recouped some of the losses in the past three days after analysts said the declines were excessive.
The Kuala Lumpur-based company is seeking to raise funds to repay RM4 billion of debt to former parent Telekom Malaysia Bhd next month, and refinance about RM$2 billion of loans used to invest in a mobile-phone operator in India.
The shares were suspended from trading today for the sale announcement. The company is holding a meeting with shareholders to approve the rights offer. - Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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