Unionmet sheds light on rights puzzle

INDIUM manufacturer and trader Unionmet (Singapore) yesterday clarified that its substantial shareholder, Precious Stream Holdings (PSH), has had its rights entitlement scaled down from 87.9 million shares to 23.9 million, so as not to trigger a mandatory takeover of the company.

The move kept PSH's shareholding below 30 per cent at 29.8 per cent of the company's enlarged share capital, up from 28.65 per cent previously.

Unionmet had on Feb 19 said that PSH's owner, Weng Huixin, had given Unionmet an irrevocable undertaking that she would ensure PSH takes up its rights allotment to the company's renounceable, non-underwritten rights exercise first announced in January.