VGI announces capital raising of 12.9 billion baht via ‘Right Offering’

The out-of-home media service provider, VGI Plc (VGI), just announced that its board has approved a capital raising plan of up to 12.9 billion baht.

The company will do this by issuing 2.6 billion new shares to existing shareholders via Right Offering (RO), at a ratio of 10:3.

The offering price of new shares is 5 baht per share, according to a statement on the Stock Exchange of Thailand (SET). 

VGI will also issue VGI-W3 warrants to existing shareholders who have subscribed and allocated newly issued ordinary shares on a RO basis at no cost, with a ratio of 1 new share per 1 unit of the VGI-W3.

When new shares are added, VGI existing shareholders would see nearly 30 per cent dilution of their shareholding. On February 9, the company will announce the date for listing shareholders’ names entitled to subscribe the new shares and the warrants.

VGI’s media business has suffered from a decline in economic activity because of the Covid-19 pandemic. Its latest financial results showed a 9-million-baht loss for the quarter, ending in September last year.

The company also holds stakes in other media companies, including Plan B Media Plc (PLANB), Master Ad Plc (MACO), logistic service provider Kerry Express Thailand Plc (KEX), and IT retailer Jay Mart Plc (JMART).

During the morning session, VGI stock traded at 6 baht, down 1.64 per cent from its prior closing. 

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