OCR Group Berhad announced that the renounceable Rights Issue with free Warrants achieved a subscription rate of 101.1%, raising gross proceeds of RM46.8 million.
The rights issue involved the issuance of up to 1.3 billion new ordinary shares at an issue price of RM0.035 per rights share, on the basis of 2 Rights Shares together with 2 free detachable warrants for every 3 existing OCR shares held. The Rights Issue received total applications for 1.35 billion Rights Shares worth RM47.3 million, underscoring investor confidence in OCR's growth strategy.
Billy Ong Kah Hoe, Managing Director said the capital raised will accelerate the development of their project pipeline of over RM2 billion, including key projects like Kyra in Shah Alam, OCR Templer at Rawang, and Vertex Kuantan City Centre.
At an issue price of RM0.035 per rights share, the Rights Issue raised approximately RM46.8 million in proceeds.
