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Medi Lifestyle Rights Issue Oversubscribed, Raises Nearly SG$4 Million; Shares Up 4%

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Medi Lifestyle's (SGX:Z4D) rights issue at SG$0.02 per share closed on June 29, more than twice oversubscribed, with the health services company raising over SG$3.6 million, according to a Thursday bourse filing.

Shares of the company were up nearly 4% in Friday trading.

The company received valid acceptances and excess applications for 409.9 million shares against 189.1 million available shares, reporting a subscription rate of 217%.

Around 189.1 million rights shares will be allotted on July 6, with listing on Catalist set for July 7.

Net proceeds from the issue will be deployed for general working capital, setting off a shareholder loan, debt repayment and for business development operations.

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