This week Bumi Armada (Bumi) announced plans to pursue a rights offering and bonus issue that will see its share base double over the course of the campaign.
According to regulatory filings units tied to the 1-for-2 rights issue are going to command MYR 1.35 a piece, which means proceeds from the two exercises could top MYR 2bn ($635m).
While the war chest looks impressive observers note the total is approximately 9% lower than the initial target the company intended to set at the start of the dash for cash.
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