WE Holdings to raise up to $39.4 million with rights and warrants issue
Electronics distributor WE Holdings has proposed a renounceable underwritten rights-cum-warrants issue to raise proceeds of between $12.7 million and $39.41 million.
This will help fund its acquisition of a stake in Myanmar cement manufactor Dragon Cement, expand its coal business and be used for the company's working capital.
WE Holdings said on Tuesday that it will issue up to 1.31 billion rights shares at 1.5 cents each.
It will also issue up to 1.31 billion free detachable warrants. Each warrant allows shareholders to subscribe for one new ordinary share at an exercise price of 3 cents each.