9 Dec 15 – Press Release – PUC Founder Gets Nods to Proceed with ICULS Rights Issue
PUC Founder Gets Nods to Proceed with ICULS Rights Issue
PETALING JAYA, 9 Dec 2015 – The Board of Directors of PUC FOUNDER (MSC) BERHAD (“PUCF” or the “Company”), a company listed on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) (Stock code: 0007) had today made an announcement that the applications to Bursa Securities and Securities Commissions Malaysia in respect of the proposals announced on 4 August 2015 and the subsequent revision as per the announcement on 12 October 2015 has been approved.
The proposals include a proposed rights issue of irredeemable convertible unsecured loan stock (“ICULS”) with warrants (“Proposed Rights Issue of ICULS with Warrants”) undertaken to raise funds for the capital expenditure of up to 9.5 Mega-watt (“MW”) power solar photovoltaic (“PV”) power project and the proposed diversification to include the provision of energy utility services.
Based on the Proposed Rights Issue of ICULS with Warrants, entitled shareholder may subscribe for twenty-eight (28) rights ICULS together with seven (7) free warrants for every twenty (20) existing shares held. The Proposed Rights Issue of ICULS with Warrants is expected to raise a minimum proceed of RM28.00 million and up to a maximum of RM83.90 million.
Group Managing Director, Mr Cheong Chia Chieh commented, “We’re thrilled to receive the good news and we will confirm the EGM date as soon as possible to start raising fund for our projects coming right up.”
He continued, “We have also recently successfully submitted our 1 Mega-watt power solar PV application for the 2016 quota. We are on track with our plans expanding into renewable energy segment. The corporate exercise will allow us to raise fund for our next 9.5MW solar project and by that we hope to give good rewards and returns to our shareholders.”
About PUC Founder (MSC) Berhad:
PUC Founder (MSC) Berhad (Stock code: 0007) is an investment holding group, principally engaged in three business segments namely, Media & Advertising; E-payment Services; and Renewable Energy. It was incorporated in Malaysia by China Founder Group on 3rd November 1997 bearing the Company Number 451734-A, and is listed on the ACE Market of Bursa Malaysia on 3rd April 2002. It is one of the first companies in Malaysia to qualify for the Multimedia Super Corridor or MSC status. The company’s businesses have expanded throughout Asia.
Corporate Website: http://www.founder.com.my