GMG Global, the integrated producer of natural rubber, says shareholders applied applications for a total of 2,483,063,554 rights shares at the close its rights issue on Sep 4. This represents 136.5% of the total number of rights shares available under the rights issue.

On July 27, the group had announced the issue of 1,818,544,446 rights shares at $0.055 each to raise gross proceeds of $100 million.

GMG Global says it will not be using the proceeds from the rights issue to refinance its existing borrowings as it is currently able to meet all its financial obligations from its banking facilities.