Analyst Research Report Snapshot

Title:

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

Price:

$23.00

Provider:

Affin Investment Bank

Date:

07 Apr 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

SWAY.KL

Available for Immediate Download
Summary:

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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