MDR revises price for rights-cum-warrants issue

MDR, which distributes and sells mobile devices and services, announced on Tuesday revised terms of its proposed rights-cum-warrants issue, which had previously been rejected by the Singapore Exchange (SGX).

In its revised form, the issue will offer up to some 25 billion new ordinary shares at an issue price of S$0.00188 for each rights share, with up to 225.5 billion free detachable warrants.

In October, MDR had proposed offering up to 100 billion rights shares at an issue price of S$0.001 each, and up to 300.7 billion warrants. SGX had rejected the company's application, saying that the theoretical value of the nil-paid rights was below the minimum trading price of S$0.001.

MDR shares last traded at S$0.004, down S$0.001, on Tuesday.