KUALA LUMPUR (July 20): Ibraco Bhd extended gains today, rising to a two-year high of RM2.32 and was among the top gainers on the exchange at mid-morning on news shareholders approved the property developer's rights issue of 50.65 million new shares last Thursday (July 16).

At 10.10am, the counter rose 9 sen or 4.07% to RM2.30 sen per share, with some 600 shares done. Its market capitalisation was RM279.86 million.

Ibraco earlier gained as much as 11 sen or 4.98% to reach a high of RM2.32.

Last Thursday, Ibraco (fundamental: 1.9, valuation: 2.4) said in a filing to Bursa that it had obtained the approval at the company's extraordinary general meeting in Kuching, Sarawak.

Ibraco's rights issue is on the basis of two rights shares for every five existing units held in the company.

The ex-date for the exercise is this Wednesday (July 22).

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