KUALA LUMPUR, Sept 18 — BIMB Holdings Bhd (BIMB) today received the green light from Bursa Malaysia Securities Bhd to list its rights issue with warrants.
BHB, in a filing to the bourse operator, said Bursa Malaysia Securities has approved the listing exercise, which involved 426.716 million warrants pursuant to the proposed rights issue with warrants.
It also includes the listing of 426.716 million BIMB shares pursuant to the proposed rights issue with warrants, as well as, the listing of 426.716 BIMB million shares pursuant to the exercise of the warrants.
In another statement, BHB said Bank Islam shares would not be pledged as security for the proposed sukuk.
As such, the security for the proposed sukuk would only comprise the legal assignment over the proceeds from the exercise of the warrants and the legal assignment and charge over a sinking fund account into which all proceeds from the exercise of the warrants will be deposited.
BIMB announced its plan in August to acquire the remaining stake in Bank Islam, 18.5 per cent stake from Lembaga Tabung Haji and 30.5 per cent stake from the Dubai Financial Group for about RM2.87 billion.
The proposed acquisition will be financed via a two-for-five rights issue of 426.7 million new shares and a sukuk issuance of up to RM1.47 billion.
Early September, BIMB received approval from Bank Negara Malaysia for the proposed acquisition of the remaining 49 per cent stake in Bank Islam.
The central bank, however, rejected the group’s proposed move to issue sukuk using Bank Islam’s shares as security for the debt. — Bernama
