Thakral Corp proposes rights issue

THAKRAL Corp has proposed a renounceable rights issues of shares and convertible bonds to raise up to $67 million to help it diversify into new business sectors including property-related activities in Asia. It is offering one rights share at an issue price of eight cents for every 12 shares held. It also proposed a rights issue of approximately $58 million unsecured 2 per cent three-year convertible bonds, at a conversion price of eight cents for each conversion share, on the basis of 40 convertible bonds for every 1,000 shares held.