tm-international-confirms-14-billion-rights-issue

TM International confirms $1.4 billion rights issue

The Malaysian mobile phone operator secures strong support from Khazanah for the deal, which is expected to be followed by a similar-sized rights offering from Maybank.

Malaysian mobile phone operator TM International confirmed yesterday that it will raise M$5.25 billion $1.4 billion from a rights issue over the next couple of months and said it has received a firm commitment from its largest shareholder, Khazanah Nasional, to cover up to 65% of the deal, if necessary.

TMI didn't specify how many new shares it will issue or at what price, but based on yesterday's market capitalisation of $3.1 billion, the rights offering will account for about 45% of its present value. At that size, it will be the largest equity fundraising by a telecom company in Asia and also the largest rights issue from Malaysia to date. However, TMI may...

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