RJP issue set to raise $116m

PUBLISHED : Thursday, 04 September, 1997, 12:00am
UPDATED : Thursday, 04 September, 1997, 12:00am

RJP Electronics is to raise up to $116.45 million in a one-for-two rights issue of new shares at 38 cents each. It will issue up to 306.46 million new shares priced at a 26.92 per cent discount to yesterday's close of 52 cents. Of the net proceeds of $113 million, $78 million will be used as working capital, $15 million for the expansion of a joint venture on the mainland and $20 million for the acquisition of an office property in Kwun Tong.