XiDeLang shares rise to 17-month high
KUALA LUMPUR: Shares of China-based foot-wear maker, XiDeLang (XDL) Holdings Ltd, rose to a 17-month high after it unveiled a series of corporate exercises on Monday.
The counter was traded at 28 sen yesterday, its highest close since May last year, with a total volume of 23.67 million shares.
The corporate exercise included an issuance of 322.66 million right shares at 35 sen apiece, with free detachable warrants and bonus shares of up to 242 million.
For every 12 existing XDL shares that investors hold, they are entitled to subscribe to four rights shares, along with three free warrants and three free bonus shares.
After taking the bonus shares into consideration, the average subscription cost per share is 20 sen, representing a 13.9 per cent discount to XDL's theoretical ex-all price of 23.24 sen apiece.
XDL said the right issue will raise as much as RM112 million to fund its new design and production centre at Jinjiang City, China.
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