Polaris pulls out rights issue offering

The board of directors re-assessed company’s capital adequacy.

After more than a year since its previous announcement, smartphone and electronics retailer Polaris Limited decided to withdraw its proposed renounceable non-underwritten rights issue of up to 3 billion new ordinary shares in the capital of the company.

The group’s announcement on SGX explained that the board of directors made re-assessments of the company’s present capital adequacy, after which the group resolved to take back the proposal for the time being.

The company gave no further detail about its financial standing.

It was on 30 June last year when Polaris made the announcement that it will offer renounceable non-underwritten rights.