FJ's rights cum warrants issue oversubscribed

Singapore

FASHION and lifestyle retailer F J Benjamin Holdings' rights cum warrants issue exercise to raise up to S$39 million for working capital and expansion has been oversubscribed by 48.6 per cent.

The rights shares, priced at 3.5 Singapore cents apiece, will raise net proceeds of S$7.8 million.

This comes at a time when the group is "returning to profitability following a multi-year restructuring programme to terminate loss-making businesses, close down unprofitable stores, streamline backend operations and cut costs", it said in a statement on Thursday…