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SP Setia to issue common, preferred shares in connection with merger

SP Setia Bhd. published a prospectus for a renounceable rights issue of up to 451,916,434 new ordinary shares on the basis of 2 rights shares for every 15 existing ordinary shares in the company held as of Nov. 30.

The company is also launching a renounceable rights issue of up to 1,355,749,304 new class B Islamic redeemable convertible preference shares on the basis of 2 redeemable convertible preference shares for every 5 existing shares held as of Nov. 30.

The issue price for the new ordinary shares is 2.65 Malaysian ringgit per share and the issue price for the redeemable convertible preference shares is 88 sens apiece.

The company is set to merge with I&P Group Sdn. Bhd to create the largest property company in Malaysia. The issue is meant to raise a maximum of 2.4 billion ringgit in connection with the merger.

Maybank Investment Bank Bhd. and RHB Investment Bank Bhd. are the joint underwriters for the renounceable rights issue.

As of Nov. 30, US$1 was equivalent to 4.08 Malaysian ringgit.