TM International sets rights issue price

The Malaysian mobile phone operator prices its five-for-four offering at a 31.7% discount to the theoretical ex-rights price.

Malaysian mobile phone operator TM International yesterday announced the terms for its earlier announced M$5.25 billion $1.4 billion rights issue and said the portion of the deal that will not be taken up by its largest shareholder, Khazanah Internasional, will be fully underwritten by three domestic banks.

This should come as a relief to investors who have sold the stock since the initial announcement amid concerns about the scale of the transaction and the lack of a firm underwriting commitment,...

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