KUALA LUMPUR: The issue price of UEM Land Bhd's rights shares has been fixed at 80 sen per rights share, which is 44.1% below its five-day volume-weighted average market price up to last Friday, March 19, of RM1.43

It said on Monday, March 22 the issue price was also 34.4% below the theoretical ex-rights price of UEM Land shares of RM1.22.

The rights shares were issued on the basis of one rights shares for every two shares held as at 5pm on ASpril 5.

The circular said the rights issue will involve the issuance of about 1.21 billion rights shares and will raise RM971.3 million.

The company also said it had on Monday entered into an underwriting agreement with CIMB and Maybank Investment Bank Bhd which will underwrite about 277.6 million rights shares or about 22.86% of the total issue size.

As for the remaining 936.5 million rights shares or about 77.14% of total issue size, representing UEM Group Bhd’s full entitlement under the rights issue, it would subscribe in full and/or procure the subscription in full of its entitlement.