Crest Builder Holdings proposed share placement of up to 10% to raise RM 12.38 million for working capital along with 3 for 10 bonus issue of warrants

(CRESBLD closing stock price yesterday (17.5.2012) was 99 sen)

Crest Builder Holdings Bhd has proposed a corporate exercise involving a share placement of up 10% of its paid-up share capital and a bonus issue of new warrants.

It said on Thursday the proposed placement would involve issuing up to 12.38 million new shares which would see it raising RM12.38mil. The proceeds would be used for working capital.

The five-day volume weighted average price (VWAP) of the shares up to and including May 16 was 99.8 sen. If the indicative issue price of the placement shares is RM1, this would be a premium of 0.2% or 0.2 sen to the five-day VWAP of the shares.

Crest Builder said the proposed bonus issue of warrants would be implemented after the completion of the proposed placement.

The exercise would involve an issuance of up to 53.64 million warrants (warrants B) on the basis of three warrants for every 10 existing shares.

It said if the indicative exercise price of the warrants B was RM1, this was a premium of 0.2% or 0.2 sen to the five-day VWAP of the shares.

Source: www.thestar.com.my