Tung Lok Restaurants (2000) said it was planning a two for five rights issue of up to 56 million new shares to raise $8.96 million in gross proceeds.
A shareholder of five Tung Lok shares will be invited to subscribe for two rights shares at 16 cents each.
The issue price represents a 23.81% discount to the closing price of $0.21 a share on the Catalist on July 3,2013.
Zhou Holdings, which holds a 38% stake, has given its undertaking to subscribe to its entitlement. This is provided its stake in Tung Lok does not exceed 39% of the enlarged share capital on completion of the issue as it does not want to have to make a mandatory general offer under The Singapore Code on Take-overs and Mergers.
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