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Flash Note – Sunway Bhd (BUY, maintain) - Propose a 1-for-3 rights issue




Affin Hwang Investment Bank Bhd


07 Apr 2013





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Issue price fixed at RM1.70; rights issue may raise up to RM1bn Sunway has proposed to undertake a renounceable rights issue of up to 594.6m new shares on the basis of 1 right share for every 3 existing shares. Based on the proposed issue price of RM1.70 per right share, the proposed rights issue may raise up to a maximum gross proceeds of RM1bn (assuming full subscriptions with full conversion of warrants and ESOS options). Under the maximum subscription scenario, around RM670m of the rights proceeds will be used for capex while the balance will be used for repayment of borrowings and general working capital.

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