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Koh Bros Eco Engineering receives regulatory approval for proposed rights cum warrants issue

THE Singapore Exchange has granted its approval for Catalist-listed Koh Bros Eco Engineering to list shares and warrants for the company's proposed rights cum warrants issue.

In May this year, Koh Bros announced that it was planning a renounceable non-underwritten rights cum warrants issue of up to 299.02 million new shares at an issue price of S$0.055 for each rights share, on the basis of two rights shares for every five shares held. Every rights share comes with a free detachable warrant, which carries the right to subscribe for one new share at an exercise price of S$0.10.

The issue price of S$0.055 represents a discount of approximately 40 per cent to the last transacted price of S$0.091 per share on May 12.

Koh Bros Group, which owns a stake of approximately 64.59 per cent in the company, has made an irrevocable undertaking to subscribe for all the rights shares in the proposed issue in respect of its interests in line with the terms and conditions of the issue.

Assuming the maximum subscription, Koh Bros Group's voting rights after the close of the proposed issue will be approximately 64.59 per cent of the company's aggregate voting rights.

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However, assuming the minimum subscription scenario, the voting rights will increase to about 71.86 per cent - assuming that none of the warrants are exercised - or approximately 76.65 per cent, assuming that all the warrants are exercised.

The books closure will take place at 5 pm on Oct 19.

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