Dayang actively traded on debt restructuring news

KUALA LUMPUR: Dayang Enterprise Holdings Bhd shares were actively traded in the morning session on a news report that the company is proposing to restructure its debt with an RM682.5 million sukuk issuance.

At 11.32 am, Dayang shares added one sen to RM1.14 with 11.25 million shares traded.

According to a financial daily, about RM365 million from the money raised would be advanced to Dayang’s subsidiary Perdana Petroleum Bhd to settle the latter’s existing borrowings.

“Dayang, which owns a 60.5 per cent stake in Perdana, will then subscribe for RM455 million worth of redeemable convertible preference shares (RCPS) under a renounceable rights issue that Perdana is proposing to undertake.

“This will set off the RM455 million debt that Perdana owes Dayang,” it said. – Bernama