Malaysia Building Society Bhd, which provides personal loans, said on Thursday it plans to raise up to 1.5 billion ringgit ($468.75 million) by issuing renounceable rights, to expand its financing business.
Renounceable rights have a value and can be traded. The Employees Provident Fund, MBSB's largest shareholder with a 64.7 percent stake, has provided a "written undertaking" to participate, MBSB said in an announcement to the stock exchange.
The total funds raised from the exercise, which will depend on the final issue price and quantity of rights, will be utilised within six months.
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