The group, on the same day, says it is proposing to undertake a non-renounceable non-underwritten rights issue of up to 116.4 million new ordinary shares in the capital of the company.
ValueMax says it expects to raise some $41.7 million through a one-for-five rights issue to shareholders. The rights issue, shares the group, is meant to strengthen the group’s financial position and capital base.
In a statement dated April 13, the group says it is presently exploring “alternative means of fundraising” in addition to external borrowings and issuing debt instruments to boost the group’s balance sheet.
