Magma Group Berhad has completed its redeemable preference shares (RPS) set-off exercise following the listing of 166.42 million new ordinary shares on the Main Market of Bursa Malaysia Securities.
The company said the exercise was completed on July 8 after the successful listing and quotation of 166,417,858 subscription shares, marking the conclusion of the corporate proposal first announced in April.
The RPS set-off involved the issuance of new Magma shares to settle obligations arising from the subscription of redeemable preference shares, in accordance with the terms outlined in the company’s earlier announcements and shareholder circular.
Following the completion of the exercise, Magma’s enlarged issued share capital now stands at RM360.66 million, comprising 1.93 billion ordinary shares.
The company had previously announced the proposed exercise on April 29, with subsequent updates released on April 30, May 26, June 30 and July 7, before shareholders approved the proposal.
The completion of the RPS set-off strengthens Magma’s capital structure by converting the relevant obligations into equity, increasing its issued share capital while concluding the corporate exercise.
