Agri-food firm Japfa to raise $92.6m from rights issue

The rights shares were oversubscribed.

Agri-food company Japfa is set to receive net proceeds of approximately $92.6m from its issued rights shares, according to a bourse filing.

The company offered a 1-for-10 renounceable non-underwritten rights issue in December 2019, at an issue price of $0.50 per rights share.

The shares have been oversubscribed at the closing of the rights issue on 31 January 2020. The company received applications for a total of 249,771,436 rights shares, representing approximately 134.05% of the 186,333,829 rights shares available.

The Company expects that the rights shares will be allotted on 7 February 2020. Through the rights issue, Japfa’s issued share capital is set to increase from 1,863,338,291 shares to 2,049,672,120 shares.