PUC Founder (MSC) Bhd looking to raise RM RM127.59 to build solar plants

RM127.59 is planned to be raised by PUC Founder (MSC) Bhd. The company is looking to build solar plants.

PUC Founder told the stock exchange yesterday that its aims to issue up to RM127.59 million nominal value of the ICULS, on the basis of two ICULS for each ordinary share held by entitled shareholders, on a date to be fixed later.

The ICULS has a tenure of three years, with a coupon rate of 4% on the nominal value per annum. They will be issued at 100% of the nominal value of five sen each.

Its major shareholder, Redhot Media International Ltd, has given its undertaking to subscribe for RM40 million nominal value of rights ICULS.

PUC Founder has fixed the conversion price of the ICULS at 10 sen for one new share, after taking into consideration the theoretical ex-rights price of 11.21 sen per share after the proposal, calculated based on the five-day Volume Weighted Average Market Price (VWAMP) of its existing shares up to and including Aug 3, 2015.

The ICULS comes with free detachable warrants, on the basis of one warrant for every eight rights ICULS subscribed. The warrant has a tenure of three years, and an indicative exercise price of 10 sen.

The bulk of the fund raised will be used as capital expenditure for the construction of its solar PV plants, followed by working capital and defrayment of expenses incurred for the proposals.

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