Symphony Life banks on property projects
Dafizeck Daud | 01 Feb 2019 00:30
The share price performance of Symphony Life Bhd (Symlife) has been relatively depressed since its rights issue exercise in October last year .
The company made a one-for-one rights issue of 416.97 mil new shares at an issue price of 35 sen per rights issue share on Oct 3 last year.
Its rights issue to raise up to RM146.09 mil was undersubscribed by 9.46%.
The counter has been sliding ever since, falling 27% over the past 13 weeks.
It closed at 37 sen on Jan 30 versus 53 sen on Aug 30, 2018.
“Our shares are trading at a deep discount from our net tangible assets partly due to the depressed property sector and partly to the renounceable rights issue exercise which was completed in November 2018,” Symlife chief financial officer Hazurin Harun tells FocusM.
“We are not overly concerned about the share price as the company’s fundamentals are strong.
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