Markets
Titijaya’s ICPS to massively dilute share base
Alan Voon | 13 Oct 2017 00:30
The Titijaya board is hopeful that the group’s performance for FYE6/18 will be satisfactory through continuous sales and existing project progress recognition
TITIJYA-PA, the new irredeemable convertible cumulative preference shares (ICPS) of Titijaya Land Bhd, made its debut on Bursa Malaysia on Oct 4. 

Although issued as ICPS, TITIJYA-PA has qualities that very much resembles a typical company warrant with an extra dividend-paying feature.

TITIJYA-PA, which commenced trading at 17 sen, has since rose steadily together with the increase in the mother share’s price. TITIJYA-PA was last traded at 24 sen on Oct 11 with the mother share closing the day at RM1.43.

Titijaya issued a total of 615 million ICPS via a rights issue at an issue price of 16.5 sen based on three ICPS for every two shares held on entitlement date.