Malaysia’s Pegasus Heights to secure up to $14 mln via rights issue

Malaysian property developer Pegasus Heights Bhd intends to secure up to 59.9 million Malaysian ringgit ($14 million) through a renounceable rights issue.

Pegasus is proposing to issue up to 6 billion rights shares on the basis of three rights shares for every one share, together with up to 4 billion warrants on the basis of two warrants for every three rights shares subscribed for, at the rights issue price of $24 apiece.

Pegasus said the proposed diversification will enable it to manage and operate up to eight food and beverage franchise outlets in Centerpoint Seremban.

The actual proceeds to be raised from the proposed rights issue will depend on the actual number of rights shares subscribed by the entitled shareholders and or their renounces and to upkeep and promote its Centerpoint Seremban mall in Negeri Sembilan, to fund its diversification into providing food and beverage services and to repay bank borrowings.