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Company Update – Sunway Bhd (BUY, maintain) - Adjusting EPS and TP for 3-for-1 rights issue




Affin Hwang Investment Bank Bhd


14 Jul 2013





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Trading of rights to commence tomorrow Sunway’s proposed rights issue went ex-date last Thursday and the trading of the rights will commence tomorrow (16 July 2013). To recap, Sunway had in April 2013 proposed to undertake a 1-for-3 rights issue (RM1.70 per right share), of which the proceeds raised will be used to repay borrowings and fund working capital. Under the proposal, Sunway will issue up to 568.7m of rights share, depending on the numbers of ESOS and warrant conversions. Based on its issued share base of 1,292.6m shares, we estimate Sunway will raise RM732.5m from the issuance of 430.9m new shares.

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