Latest news with #rightsissue
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
I opposed rights issue to develop Sapura Permata tower, Shahriman tells court
Shahriman Shamsuddin wants the High Court to wind up Sapura Holdings Sdn Bhd, citing a breakdown of mutual trust and confidence with elder brother Shahril. KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin told the High Court today he took no action to implement a rights issue aimed at funding the Sapura Permata tower because he opposed the move. Cross-examined by S Rabindra, representing elder brother Shahril, Shahriman admitted not taking any steps despite a decision by the Sapura Resources Bhd (SRB) board to proceed with the exercise on Sept 29, 2022. Shahriman was SRB's managing director at the time. Rabindra: Do you agree that the minutes of meetings (held between September 2022 and March 2023) do not reflect or capture any initiative or statement from you to ensure the rights issue was carried out? Shahriman: I was against the rights issue. Rabindra: So you were against the rights issue, therefore you didn't say anything about getting it done? Shahriman: Correct. In his petition, Shahriman said that on March 16, 2023, Shahril, acting on behalf of Sapura Holdings, had informed SRB that the company's RM100 million financial assistance offer, outlined in a term sheet dated Feb 28, 2023, had lapsed after it was not taken up. As a result, SRB was required to immediately repay a previous advance of RM40 million, made on Sept 29, 2022, along with interest and associated costs. In the petition, Shahriman accused Shahril of using the RM100 million loan to pressure SRB into carrying out the rights issue. In court, Shahriman disagreed when Rabindra suggested that Shahril was acting on behalf of the Sapura Group, and not in a personal capacity. Rabindra: Indera Permai Sdn Bhd (which advanced the funds) and the Sapura Group were entitled to protect themselves by insisting that SRB carry out what it had promised to do, or else repay their obligation in financial terms. Do you agree? Shahriman: Disagree. Rabindra: I put it to you that in the totality of the circumstances, Sapura Holdings, Indera Permai and the Sapura Group were purely, simply and plainly protecting their own position. Do you agree with this statement? Shahriman: Disagree. Shahriman is seeking to wind up Sapura Holdings, the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly listed SRB. Both Shahril and Shahriman hold a 48% stake each in Sapura Holdings, with the remaining 4% owned by Rameli Musa, who is also named as a respondent. In the petition filed last September, Shahriman claims that an irreparable breakdown of mutual trust and confidence between him and Shahril necessitated the dissolution of Sapura Holdings. However, Sapura Holdings, Shahril and Rameli are opposing the petition, contending that the company was never intended to be a family business and that dissolution would be neither just nor equitable. The hearing before Justice Leong Wai Hong continues.
Zawya
05-06-2025
- Business
- Zawya
ACWA Power allocates majority of spending from rights issue on MENA projects
ACWA Power has allocated 53 percent to 60 percent of the proceeds from its 7.12 billion Saudi riyals ($1.9 billion) rights issue for spending in the Middle East and North Africa (MENA). The company expects to spend between SAR 3.7 billion and SAR 4.2 billion on current and future projects in the MENA region, the Saudi-listed company stated in its rights issue prospectus. The expenditure for Central Asia is expected to be between 22 percent and 25 percent, or SAR 1.5 billion to SAR 1.7 billion. Therefore, the total spend on renewable energy, water and gas projects will reach between SAR 5.2 billion and SAR 5.9 billion, the prospectus said. ACWA Power anticipates allocating a maximum of 20 percent of the proceeds, amounting to SAR 1.4 billion, for mergers and acquisitions. The potential allocation for general corporate purposes will reach a maximum of SAR 352 million. As of December 31, 2024, ACWA Power's portfolio comprises 94 projects in 13 countries, with a total investment cost of SAR 364.5 billion ($97.32 billion). The projects are a mix of renewable energy and storage, water desalination, green hydrogen, and flexible generation (conventional fuel). According to the prospectus, 52 projects are in operation at a total investment cost of SAR 196.9 billion, 24 are under construction valued at SAR 109.5 billion and 18 are in the advanced development stage worth SAR 58.1 billion. The company clarified that advanced development stage projects refer to ones where a preferred bidder has been selected, a long-term offtake agreement has been signed, or deals have been negotiated, where it has committed significant financial resources and reaching financial close is at an advanced stage. The company's shareholders will vote on the board of directors' recommendation to increase the capital through a SAR 7.12 billion rights issue on 30 June 2025. (Editing by Anoop Menon) (
Zawya
05-06-2025
- Business
- Zawya
ACWA Power's $1.9bln rights issue may include rump offering
Saudi utility giant ACWA Power's upcoming SAR 7.125 billion ($1.9 billion) rights issue may include a rump placement of unsubscribed shares to ensure the offering is fully subscribed. The Saudi-listed company announced on Wednesday the issuance of a preliminary prospectus for its plan to increase its capital via a rights issue, which is part of the company's strategy to consolidate its growth, including tripling its managed assets by 2030. If any of the shares remain unsubscribed, they will be offered to institutional investors and underwriters, according to the company's prospectus. The offering is meant to increase ACWA Power's capital from its current SAR 7.325 billion. The nominal value of the new ordinary shares to be issued is set at SAR 10 apiece. The offering is expected to commence three business days from the approval of the capital increase by the Extraordinary General Assembly, which is scheduled on June 30, 2025. Following the close of the initial subscription period, any remaining unsubscribed shares, referred to as 'rump shares', will be offered at no less than the offering price. Institutional investors can submit their offers, with allocation based on the highest bid. Any remaining rump shares will be offered to the underwriters, who will subscribe at the initial offering price on a pro-rata basis. SNB Capital, J.P. Morgan and Citigroup Saudi Arabia have been appointed as joint financial advisors for the rights issue. (Writing by Cleofe Maceda; editing by Seban Scaria)
Khaleej Times
04-06-2025
- Business
- Khaleej Times
United Arab Bank launches strategic rights issue to raise up to Dh1.03 billion
United Arab Bank PJSC (UAB), listed on the Abu Dhabi Securities Exchange (ADX) announced that it proposes to increase its issued share capital by an amount up to Dh1,031,275, from Dh2,062,550,649 up to Dh3,093,825,974 by way of the rights issue offered to the existing shareholders of the bank. Further, UAB has published an invitation to its shareholders to subscribe for new shares. Frequently asked questions relating to the rights issue will be made available on UAB's website ( on or around today's date. The new shares will be issued at an issue price of Dh1 per new share. The terms and launch of the rights issue were approved by the UAB's general assembly meeting held on March 6, 2025, following the approval of the board of directors of the bank held on February 4, 2025. The necessary regulatory approvals have been obtained for this transaction. UAB intends to use the net proceeds raised from the rights issue to strengthen its capital base and to support future growth of the business of the bank. The holders of rights, which includes shareholders of UAB and any persons who purchased rights during the rights trading period, will be entitled to exercise their rights to subscribe for new shares at the issue price commencing on July 4, 2025 and ending on July 17, 2025. The new shares will be allocated to eligible persons on July 24, 2025. Refunds will be given to eligible persons, who did not receive the number of New Shares that they subscribed for, on or around July 24, 2025. Commenting on the announcement, Shirish Bhide, CEO of United Arab Bank said the rights issue represents a significant milestone in the bank's journey towards its next phase of growth. 'It is an important step in strengthening United Arab Bank's capital position and reinforces our long-term commitment to sustainable growth. The additional capital will support the implementation of our growth strategy, enhance our financial resilience, and create long-term value for our shareholders while continuing to serve the UAE economy and contribute to its development agenda.' First Abu Dhabi Bank PJSC has been appointed as lead manager and bookrunner in respect of the rights issue and Al Tamimi and Company have been appointed as legal adviser. Expected Timetable of Principal Events > Date of publication of the Invitation|: 3 June > Eligibility Date of Rights (record date)*: 19 June > First day of trading the Rights on the ADX: 27 June > Last day of trading the Rights on the ADX: 10 July > Subscription Opening Date: 4 July > Subscription Closing Date: 17 July > Date of allocation: 24 July > Refund date: On or around 24 July > Commencement of dealings in the new shares: On or around 30 July * In order to receive rights on the eligibility date, investors must ensure that they execute any purchase orders for shares at least two business days prior to the eligibility date, i.e. on or before June 17, 2025, to allow for the settlement of trades on the ADX (which operates on a T+2 basis).
Bloomberg
03-06-2025
- Business
- Bloomberg
Klarna CEO Attracts Sweden's Elite in Flat Capital Share Sale
Flat Capital AB, the investment firm of Klarna co-founder Sebastian Siemiatkowski and his wife Nina Siemiatkowski, has broadened its shareholder base via a rights issue that included some of Sweden's most prominent business families. About three-quarters of the 300 million Swedish-krona ($31.4 million) rights issue has been secured by existing owners and new investors, according to a statement late on Monday.
