By Jason NG
KUALA LUMPUR (Jun 23) -- London Biscuits, a Malaysian confectionery manufacturer, said Friday it is seeking to raise up to 67.96 million ringgit ($15.84 million) from investors via private share offer and rights issue.
The company plans to sell up to 22.38 million new shares, equivalent to a 10% stake, to investors to be identified later to raise 15.44 million ringgit, London Biscuits said in an exchange filing. The firm will also issue up to 82 million rights shares with equal amount of free warrants to raise as much as 52.52 million ringgit, it said.
Proceeds from the issuances will be used mainly to purchase raw materials, including potato flakes and palm oil related product, as well as repaying bank borrowings, London Biscuits said. The company will also issue up to 82 million bonus shares under the plan, it added.
- By Jason NG; Jason.Ng@NikkeiNewsRise.com; +60320267363
- Edited by Abhijit Basu
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