Malaysia’s YTL Cement wins SC approval for loan stocks rights issue

YTL Cement Bhd said the Securities Commission has approved its proposed renounceable rights issue of up to 490.32m rgt nominal value of 10-year irredemable convertible secured loan stocks (ICULS), on the basis of one rgt nominal value of ICULS for one existing YTL Cement share held.

YTL Cement Bhd had said that the expected gross proceeds of up to 490.33m rgt from the sale of loan stocks would be used to repay borrowings and provide working capital.

It also said it will pay a coupon rate of four per cent a year until the fourth year of its issue, rising to five per cent from the fifth to the seventh year, and six per cent from the seventh year until maturity.