KUALA LUMPUR: S P Setia Bhd has applied to Bank Negara Malaysia today to seek its approval for the proposed issuance of renounceable rights issue of new class C Islamic redeemable convertible preference shares (RCPS-i C) to its non-resident shareholders.

       In a filing to Bursa Malaysia today, the property developer said it had also submitted an application to the Shariah Advisory Council of the Securities Commission Malaysia (SC) to seek its approval on the structure of the RCPS-i C.

       To recap, S P Setia had earlier proposed to undertake the RCPS-i C issuance to raise up to RM1.18 billion with the proceeds intended to be utilised to redeem all outstanding RCPS-i B which were issued in December 2017 and to repay borrowings. Bernama