At 4.2 cents per share, it was a significant discount off Bromat's last traded price of 8.8 cents before the rights issue was announced.
Bromat Holdings, better known by its previous name No Signboard, on Nov 16 announced plans to borrow $600,000 from one Frank Liu Tao at an interest rate of 15%, in its latest fund-raising move.
The company had on Oct 2 already announced a rights issue to raise some $6.47 million. Under terms of the rights issue, shareholders can subscribe to a new share at 4.2 cents each for every two shares they already own.
