IJM Plantations Bhd has proposed a rights issue to raise about RM336.56 million from its shareholders to partially finance development of existing and future oil palm plantations mainly in Indonesia.
The corporate exercise would involve a renounceable rights issue of 160.26 million new rights shares with 80.13 million new warrants. This would be on the basis of two rights shares with one free warrant for every eight existing shares held at RM2.10 per rights share.
The issue price of RM2.10 per rights share was a discount of about 16.44% from the theoretical ex-rights price of IJM Plantation shares of RM2.51 based on the five-day volume weighted average market price per share up to July 7 of RM2.62.
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IJMPLNT ... March 2009
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