Hengyuan Refining Company Berhad announces that valid acceptances and excess applications for a total of 368,639,833 rights shares were received as at the close of the Company’s rights issue on 17 October 2025. This represents 122.88% of the total number of rights shares available under the rights issue. At an issue price per rights share of RM0.78, the Company has raised gross proceeds of RM234 million.
In July 2025, Hengyuan announced the proposed renounceable rights issue of up to 300 million new ordinary shares, together with up to 150 million free detachable warrants, on the basis of one (1) rights share for every one (1) existing Hengyuan share held and one (1) warrant for every two (2) rights shares subscribed at an issue price and entitlement date to be determined and announced later, to raise a minimum of RM155 million.
The majority of proceeds raised will be allocated for the purchase of additional crude oil feedstock—the primary raw material for refining and manufacturing petroleum products. Maintaining robust feedstock levels is expected to enhance Hengyuan’s production efficiency, reduce unit costs per barrel, and strengthen the Company’s overall competitiveness.
Hengyuan’s major shareholder, Malaysia Hengyuan International Limited (MHIL), which holds 51.02% of the Company’s issued shares, undertook to subscribe for its full entitlement and excess rights shares. This enabled the Company to meet its minimum fundraising target of RM155 million.
The Company expects the rights shares and warrants to be listed and quoted on the Main Market of Bursa Securities on 30 October 2025.
