KUALA LUMPUR: Tiger Synergy Bhd has received shareholders' approval for the renounceable rights issue of up to 1.1 billion new ordinary shares in the company together with up to 1.1 billion free detachable warrants in the company (warrants D).
The company said the rights issue would be based on three rights shares and three free warrants D for every four existing shares held by the entitled shareholders of the company on an entitlement date to be determined.
Tiger Synergy said the proposal's approval would help raise funds of up to RM44.1 million for its existing and future property development projects.
The company added that a significant majority of the shareholders, who collectively hold 762.3 million shares or about 68.4 per cent of the company's shares, had approved the proposal during the company's extraordinary general meeting (EGM) last Friday.
The management said the EGM had also helped address and clarify some of the concerns and issues raised by Safari Alliance Sdn Bhd (Safari), a substantial shareholder of Tiger Synergy.
Tiger Synergy said the majority of the shareholders continue to place their trust in the management.
"We're glad that we managed to answer some of the questions raised during the EGM, which help to enlighten some of our shareholders. We believe this understanding has helped with the approval of the proposal made," it said in a statement.
It has been a challenging time for Tiger Synergy and the country amid the impact of Covid-19.
"Families' lives have been lost while the country has suffered significant economic losses.
"We will continue to take proactive measures to engage with our shareholders and endeavour to continue using our best efforts to steer the Group through these difficult and extraordinary times caused by the ongoing pandemic," the spokesperson of the company said.