Offer by RJP undersubscribed

RJP Electronics says its $116.45 million rights issue was only 68.82 per cent subscribed. RJP last month announced a one-for-two rights issue of new shares at 38 cents each. It will issue up to 306.46 million new shares. Of net proceeds of $113 million, it said $78 million would be used as working capital, $15 million for expansion of a mainland joint venture and $20 million for acquisition of an office property in Kwun Tong.