Malaysian Airline System MAS, which is majority-owned by Khazanah Nasional, plans to raise up to M$3.07 billion $1 billion from a rights issue. It will use the proceeds for working capital, capital expenditure, such as new aircraft, and repaying debt.
The airline will offer up to 13.4 billion new shares of the company to existing shareholders at the offering ratio of four rights shares for every one existing share, it said in a statement on Thursday.
The issue price was fixed at M$0.23 per rights share, which represents a discount of about 34.3% to the theoretical ex-rights price Terp of M$0.35 based on the five-day volume...
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