Moya’s major shareholders raise stake (13 Jul 2018)

By Ernest Lim's investing blog • July 15, 2018

On 6 Jul and 9 Jul, there were separate announcements on SGX that Tamaris Infrastructure (Salim controlled vehicle and major shareholder) and Gateway have raised their stake in Moya. What is so interesting about this?

Proposed rights at $0.095 at no discount

On 22 May 2018, Moya announced that it is proposing renounceable non-underwritten rights issue to raise funds for

a) Finance its Build, Operate and Transfer projects;

b) Loan repayment;

c) Potential acquisition

There are three main interesting aspects on this rights issue, namely: 1.The rights were issued at no discount

Typically, when a company issues rights, it will issue rights at a discount to the “mother share”. This is because the aim of the rights issue is to raise funds for the company. Thus, the company will naturally want as many shareholders to subscribe for their rights shares. However, Moya issued rights at $0....

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