KUALA LUMPUR, July 4 ― MyNews Holdings Bhd shares decline over two per cent in early trade on Bursa Malaysia despite the speculation that businessman Datuk Seri Johari Ghani may become a shareholder in the company.

At 11.01am, the counter fell one sen, or 2.22 per cent, to 44 sen from 45 sen with 57,800 shares traded.

It was reported that Johari, who is said to have been eyeing a stake in MyNews for a while now, could subscribe to some of the new shares that the company plans to place out.

On June 27, 2023, the company said it proposes to issue up to 62.8 million new MyNews shares, representing not more than 10 per cent of the total number of issued shares in the company as at May 31, 2023, to raise as much as RM29.33 million.

The bulk of the proceeds, or about RM22.88 million, will be used to open up 48 convenience stores in Malaysia within the next 12 months, while the remainder will be for working capital requirements, which include payment to trade creditors, sales and marketing expenses, and other day-to-day expenses. ― Bernama