Malaysian Merchant Marine Rights Issue Underperforms

Malaysian Merchant Marine Berhad (MMM)’s rights issue met with less-than-hoped-for results this week. The 56.68 million shares priced at $M1 each, approximately US$0.26, but the issue was 65.6% undersubscribed, which means that 19.50 million rights shares were taken up while underwriters Affin Merchant Bank, Malaysian International Merchant Bankers, Southern Investment Bank, PM Securities Sdn, M&A Securities Sdn and Mercury Securities Sdn picked up the remaining 37.18 million shares.

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