SEBON's new policy to allow shareholders to apply for higher number of right shares; Existing shareholders to get priority above auction

The Policy framework introduced by SEBON today has stated that the Board will soon implement a system whereby the shareholders will be allowed to apply for right shares, more than their designated number of shares.

According to the prevailing system, the shareholders can apply for specified number of shares based on the number of shares of the company they already hold and the unsubscribed right shares are then sold in auction. However, given that right shares are the preemptive right of the existing shareholders, they now can apply for higher number of shares if they desire to do so.