KUALA LUMPUR (Feb 2): Construction outfit and property developer Vizione Holdings Bhd, formerly known as Astral Supreme Bhd, announced that it has raised gross proceeds of RM58.92 million, following the completion of its two-for-one rights issue with free detachable warrants.
“Given the funding, Vizione is set to secure more construction projects to enhance its future earnings,” said the former Practice Note 17 (PN17) company in a media statement to Bursa Malaysia this afternoon.
Vizione said it managed to secure a final subscription level of 99.84%, equivalent to 582.92 million rights shares.
Vizione group managing director Datuk Ng Aun Hooi said the company is eager to work towards improving its fundamentals and enhancing its shareholders’ value for the long term.
This, Ng added, was shown by the support of the company’s shareholders.
“The funds raised reflect shareholders’ confidence, trust and support of the management team. These funds will be utilised to continue the company’s commitment to profitability and growth,” said Ng.
The bulk of the proceeds from the rights issue will used working capital purposes, Vizione had said in a circular dated Aug 17, 2016.
It must be noted that Vizione’s rights issue is part of the plan to regularise the PN17 status associated with its former company name, Astral Supreme.
In 2014, Astral Supreme fell into PN17 status after its auditor expressed an emphasis of matter doubting the unusual sales revenue figure of RM4.88 million, and unauthorised large payments amounting to RM12.84 million.
Listed on the Main Market, Vizione shares settled 5% higher at 10.5 sen during midday break today, with a volume of 720,000 shares. — theedgemarkets.com