SINGAPORE - Global Yellow Pages (GYP) closed its one-for-five rights offer having received applications for 1.2 times the 41.82 million rights shares that it offered at 20 cents apiece.

But about half of those applications were excess applications. The company received valid acceptances for only 25.6 million rights shares, meaning that shareholders who hold about 39 per cent of the company's shares either renounced their rights or failed to validly apply. The remaining 25.3 million rights shares applied for were excess applications. Unsubscribed rights shares will be allotted to excess applications.

The rights shares will be issued on June 27, 2018, and begin trading on the Singapore Exchange on June 29.

GYP, a real estate developer, will receive about $8.4 million in gross proceeds from the rights offer.

GYP shares closed at 19 cents on Monday (June 25).