KUALA LUMPUR: Muhibbah Engineering (M) Bhd rose in early commerce on information that it was planning to boost as much as RM128.46mil by a rights issue.
At 10am, the counter was up three sen or 4.84% to 65 sen a share on the again of 4.51 million models traded.
In a submitting with Bursa Malaysia yesterday, the oil and gasoline firm mentioned it has proposed to undertake a renounceable rights issue of as much as 256.91 million rights shares on the idea of 1 rights share for each two current shares.
The proceeds has been earmarked for partial reimbursement of the revolving credit score services and dealing capital.
Muhibbah has focused to finish the proposed rights issue by the second quarter of this yr.
It isn’t anticipated to have any materials impact on the consolidated earnings of the group.
