KUALA LUMPUR: Bursa Malaysia Bhd has introduced a new service on its Bursa Anywhere mobile application (app), enabling investors to subscribe for rights issue electronically (eRights).
In a statement today, the exchange said the new eRights service offers a convenient method for depositors to apply and make payment for rights issue electronically on the Bursa Anywhere app.
According to Bursa Malaysia, physical rights subscription forms and a trip to the bank or post office for payments are no longer necessary with eRights.
Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said with the new feature in place, the exchange envisaged a significant reduction in the risk of a rights securities application being misplaced or delayed during the course of postal delivery services.
“Any refund arising from the excess share applications would be credited directly into the investor’s bank account, instead of having to wait for the refund cheques which was sent via post previously,” he said.
The statement also said that Bursa Anywhere is a mobile app that aims to provide investors ease of accessibility in managing their central depository system (CDS) accounts remotely.
Besides the eRights service, it said the app also facilitates CDS account openings, e-dividend subscriptions and reactivation of dormant and inactive accounts.
The Bursa Anywhere app has garnered over 190,000 downloads since its release in June 2019, it added.