The Edge Daily

Inter-Pacific Securities Sdn Bhd has inked a deal with Matrix International Bhd to underwrite 46.9 million new shares with 93.8 million warrants in Matrix for RM35.18 million pursuant to the renounceable two-call rights issue of Matrix shares and warrants.

The rights issue involves the issuance of up to 226.26 million shares with 452.53 million free detachable warrants at an issue price of RM1 a share on the basis of one rights share with two warrants for every four existing shares held. The RM1 issue price will be paid in two calls comprising 75 sen cash on application, and 25 sen via the capitalisation of its share premium account.

The exercise will be undertaken on a minimum subscription level basis involving 207 million rights shares with 414 million warrants that will raise total gross proceeds of RM155.25 million.

Matrix’s major shareholder and also Berjaya Corporation Bhd (BCorp) chairman and chief executive officer Tan Sri Vincent Tan Chee Yioun had given an irrevocable undertaking to Matrix, to subscribe for up to 160 million rights shares and up to 320 million warrants, which would raise a total of RM120 million.

In an announcement to Bursa Malaysia yesterday, Inter-Pacific Securities said it would underwrite the balance of rights and warrants required under the minimum subscription at an underwriting commission of 2% or about RM703,500.