The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
PMB Technology Bhd (KL) has announced plans to raise approximately RM300 million through a rights issue, subject to the final issue price and basis of entitlement.
Key Takeaways:
Rights Issue Proposal: PMB Technology, involved in metallic silicon and aluminium manufacturing, construction, and fabrications, aims to raise RM300 million. The exact amount will be finalized and announced later.
Current Shares: As of July 26, 2024, PMB Technology has issued 1.62 billion shares, including 25.2 million treasury shares. The company intends to retain these treasury shares and will not divest or distribute them before the entitlement date.
Use of Proceeds: The funds raised from the rights issue will be used to repay bank borrowings and cover expenses incurred during the exercise. The initiative aims to strengthen the group’s financial position and reduce its gearing.
Shareholder Participation: The proposed rights issue provides shareholders with an opportunity to participate in an equity offering on a pro-rata basis, allowing them to be involved in the group’s future growth and prospects.
Timeline: Subject to approvals from relevant authorities and barring unforeseen circumstances, the rights issue exercise is expected to be completed in the fourth quarter of 2024.
PMB Technology’s move to raise funds through a rights issue is designed to enhance its financial stability and provide shareholders with a chance to invest further in the company's growth.
Comments
Post a Comment