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[Ferro-Alloys.com]On April 8, OM Holdings Limited (OMH) announced that OM Sarawak Ferroalloy Project issued 450 million convertible preference shares (CPS) and secured the capital increase for RM450 million (about A$1.514 million) .
The Company considers this time's capital increase will strengthen the financial status of OM Sarawak as well as make it possible to proceed to the next phase with a flexibility to respond to the financial requirement timely.
The interest in this project has been 75% owned by OM Materials (OM Holdings' wholly owned subsidiary) and remaining 25% by Samaraju Industries Sdn. Bhd. (SISB) in which a local consortium, Cahya Mata Sarawak Berhad has an investment.
Out of 450 million convertible preference shares to be issued this time, OM Materials will subscribe for 150 million shares and SISB 300 million shares. The dividend on share is locked in a rate of 6.5% per annum, and the final maturity is 10 years, but it will become possible after 5 years to convert to ordinary shares, which is subject to the current interest holding ratio being kept.
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