Hengyuan Refining Company Berhad is pleased to announce that valid acceptances and excess applications for a total of 368,639,833 rights shares were received as at the close of the Company’s rights issue on 17 October 2025. This represents 122.88 per cent of the total number of rights shares available under the rights issue.
At an issue price per rights share of MYR 0.78, the Company has raised gross proceeds of MYR 234 million.
In July 2025, Hengyuan announced the proposed renounceable rights issue of up to 300 million new ordinary shares, together with up to 150 million free detachable warrants, on the basis of one rights share for every one existing Hengyuan share held and one warrant for every two rights shares subscribed at an issue price and entitlement date to be determined and announced later, to raise a minimum of RM155 million.
The majority of proceeds raised will be allocated for the purchase of additional crude oil feedstock — the primary raw material for refining and manufacturing petroleum products. Maintaining robust feedstock levels is expected to enhance Hengyuan’s production efficiency, reduce unit costs per barrel, and strengthen the Company’s overall competitiveness.
Madam Yeo Bee Hwan, chief financial officer of Hengyuan Refining Company Berhad, said, “We are very pleased with the outcome of the rights issue and appreciate the support we have received from existing shareholders, as well as new investors who have participated in the rights issue. This result is a testament to their continued trust in Hengyuan’s fundamentals and the confidence they have in our future prospects.
“With the successful completion of the rights issue, we have unlocked additional working capital, strengthened our equity base, and improved our financial position. We will continue working diligently to deliver value to all our shareholders.”
Hengyuan’s major shareholder, Malaysia Hengyuan International Limited (MHIL), which holds 51.02 per cent of the Company’s issued shares, undertook to subscribe for its full entitlement and excess rights shares. This enabled the Company to meet its minimum fundraising target of RM155 million.
The Company expects the rights shares and warrants to be listed and quoted on the Main Market of Bursa Securities on 30 October 2025.
Source: Hengyuan Refining Company Bhd (Press Release)