Malaysia's MBSB to raise $468 with rights issue
KUALA LUMPUR Oct 10 (Reuters) - Malaysia Building Society Bhd, which provides personal loans, said on Thursday it plans to raise up to 1.5 billion ringgit ($468.75 million) by issuing renounceable rights, to expand its financing business.
Renounceable rights have a value and can be traded. The Employees Provident Fund, MBSB's largest shareholder with a 64.7 percent stake, has provided a "written undertaking" to participate, MBSB said in an announcement to the stock exchange.
The total funds raised from the exercise, which will depend on the final issue price and quantity of rights, will be utilized within six months. ($1 = 3.2000 Malaysian ringgit) (Reporting By Al-Zaquan Amer Hamzah; Editing By Elaine Hardcastle)
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