The board of directors of Malaysian Airlines (MAS) announced that the company intends to extend the timeframe for the utilisation of the proceeds raised from the rights issue, which was completed two years ago.
On 5 November 2007, Malaysian Airlines completed its rights issue exercise in conjunction with the listing of and the quotation of 417,747,955 new ordinary shares of 1.00 ringgit each in MAS and 417,747,955 redeemable convertible preference shares of 0.10 ringgit each in MAS.
The rights issue comprised of the issuance and allotment of 417,747,955 rights shares at an issue price of 2.70 ringgit each and 417,747,955 RCPS at an issue price of 1.00 ringgit each on the basis of one rights shares and one RCPS for every three existing ordinary shares of 1.00 ringgit each held in the company.
The time frame for the utilisation of the remaining proceeds from the rights issue will be extended to 31 March 2011.
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Source: Commercial Aviation Online