Shareholders endorse rights issue

SHAREHOLDERS of Watary International Holdings have endorsed a rights issue of 205 million new shares with new warrants to raise $123 million at a special general meeting.

The company, which has been taken over by the Magnum Group of Malaysia, has been renamed Magnum International Holdings.

Managing director Horace Cheng Lung-don said the change of the company's name would take effect upon the filing of the relevant ordinary resolution with the registrar of companies in Bermuda.

The shareholders also endorsed a proposal to increase the authorised share capital of the company from $80 million to $100 million by the creation of 200 million new shares.