KUALA LUMPUR: YB Ventures Bhd, formerly known as Yi-Lai Bhd, announced that its rights issue of irredeemable convertible unsecured loan stocks (ICULS) at four sen per rights share has been oversubscribed by 46.6%.

       The tile manufacturer and information technology company said the 1.21 billion ICULS, under the stock name YB-LR, are expected to be listed and quoted on the Main Market of Bursa Securities on Sept 10, 2021.

       YB Ventures said the group would raise about RM48.4mil, exceeding the minimum subscription of RM7.5mil, with more than 90% of the proceeds raised to be used to upgrade existing production lines and to construct four new production lines.

       Executive director Datuk Au Yee Boon said the overwhelming response was an encouraging indication by the stakeholders on the group’s business fundamentals and future prospects, and its ability to further grow market share and bottom line.

       “YB Ventures seeks to expand its production capacity and capitalise on the recovery of its operating markets,” he said in statement. — Bernama