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MTOUCHE-WC May Be Worth A Trade Despite High Valuation

The share price of mTouche Technology Berhad (mTouche) plunged after 26 October 2017, which was the last day of acceptance and payment of the company’s recently completed rights issue at an issue price of 20 sen.  The share price dropped sharply from around 20 sen to a low of 12.5 sen in only a couple of weeks following the closing date of the rights issue.  mTouche carried out a renounceable rights issue of new shares based on 6 new shares and 3 new free warrants (MTOUCHE-WC) for every share held.  A total of 381.22 million shares were issued raising about RM76 million.  The rights issued was almost fully subscribed receiving an acceptance of only 57.3% with excess applications making up the remaining 42.5%.  Tang Boon Koon and Chen Huei Peng, who were appointed to the board in 2016 but with only stakes of 500,000 shares each had undertaken to subscribe via excess applications to ensure the minimum amount of RM6 million was raised. 

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