Asia Bionenergy plans rights issue

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KUALA LUMPUR (Sept 23): Asia Bionenergy Technologies Bhd plans to underrtake a renounceable rights issue of 420.2 million new shares and an equal number of new free detachable warrants in the firm.

In a statement to the exchange today, Asia Bionenergy said the exercise will be done on the basis of one rights share together with one warrant for one existing share held. At 10 sen a rights share, the exercise is expected to raise gross proceeds of up to RM42.02 million.

"The proposed rights issue with warrants will enable AsiaBio to raise its required technology incubation fund and funds for working capital purposes of the group without incurring additional interest cost which would arise if the group were to borrow to fund the aforesaid purposes.

"It will also serve to increase the capitalisation of the company, thus strengthening the financial position and profile of AsiaBio as a technology incubator," Asia Bionenergy said.

The company said the exercise is due for completion by the fourth quarter of this year.

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