Loss-making CCM to raise up to $143.5m

It plans 8-for-1 rights issue, bonus issue for working capital, investment

LOSS-MAKING CCM Group plans to issue up to 28.75 billion shares via an eight-for-one rights issue and another 28.75 billion bonus shares on the basis of one bonus share for every rights share subscribed.

At half a cent each, the rights shares are expected to raise a maximum of about $143.5 million in net proceeds (assuming full subscription) and a minimum of $3.3 million based on an undertaking.

Joseph Liew, CCM's executive chairman and CEO, said: "The proposed rights issue and issue of bonus shares...

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