Bursa Securities approves FSBM’s PN17 regularisation plan

FSBM Holdings fell under the PN17 classification in December 2019, and submitted its proposed regularisation plan on Oct 15, 2021.

The information technology service and systems provider said its regularisation plan comprises a proposed capital reduction exercise, proposed shares issuance and proposed rights issue of shares with free warrants. The proposed renounceable rights issue relates to 23.67 million rights shares on the basis of one rights share for every one existing FSBM share held, at an issue price of three sen per rights share, together with up to 118.33 million free warrants on the basis of one warrant for every two rights shares subscribed, held on an entitlement date to be determined later.

The proceeds from the fund-raising proposals will be utilised mainly for the expansion of the group’s existing IT services business and for working capital purposes.

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