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Vallianz to raise as much as S$179m from enlarged rights issue

VALLIANZ Holdings said on Thursday it now expects to raise as much as S$179 million in gross proceeds from an enlarged rights issue, with the rights shares having warrants attached to them.

The maximum number of new shares to be issued has been raised to 4.48 billion, from 3.6 billion. The maximum number of free detachable warrants has been increased to 8.97 billion, from 7.19 billion.

The new right shares will be issued on the basis of one rights share at the issue price of S$0.02 each, for every one share held by each shareholder.

This comes with two free detachable warrants for every one rights share. Each warrant carries the right to subscribe for one new share at the exercise price of S$0.02 apiece.

Shares of Vallianz were last traded at S$0.015.