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Well Chip to Raise Up to MYR120 Million Through Rights Issue

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ValueMax's (SGX:T6I) Malaysia-listed associated company, Well Chip (KLSE:WELLCHIP), is targeting to raise a maximum of 120 million ringgit, according to a Friday filing with the Singapore Exchange.

Shares of ValueMax were down nearly 4% in Monday trading, while shares of Well Chip were down nearly 10%.

Under the terms of the proposal, Well Chip will issue up to 120 million new ordinary shares on a 1-for-5 basis-granting existing shareholders one rights share for every five shares held at an issue price of 1 ringgit per rights share.

Controlling shareholder, VYN Holdings, has provided an undertaking to subscribe for its full entitlement of around 60.8 million shares.

Proceeds raised by the offering will be used for pawnshop expansion plan and to secure capital for pawn loans.

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