NEWS

Published: 7 October 2009
Source: Business Times

Positive response to SILK's rights issue
TOLL concessionaire holder SILK Holdings Bhd said it is on track with its plan to improve the firm’s financial position, after receiving positive response for its rights issue.

Based on the subscription, the rights issue, which is part of the firm’s overall regularisation scheme, will raise gross proceeds of RM4.9 million.

This is more than the minimum target of RM3.61 million.

“The outcome is within the company’s expectations, given the cautious investor sentiment at the moment.

In fact, we were pleased that there was interest from other shareholders (other than Infra Bumitek Sdn Bhd) as well,” said its executive chairman Datuk Mohd Azlan Hashim in a statement yesterday.

Proceeds of the rights issue will be utilised by SILK Holdings for working capital and to defray estimated expenses in relation to the proposed regularisation scheme.

PREV | NEXT