MANAGEPAY Systems Bhd plans to raise up to RM51.6 million through a rights issue of up to 516.04 million new shares at 10 sen each, on a 1-for-2 basis.

The company will also issue up to 774.06 million free warrants on a 1-for-2 basis, with a three-year tenure.

If fully exercised at an indicative price of 14 sen per warrant, the warrants could raise an additional RM108.37 million.

The funds will support key projects such as the Chery P2P financing platform, Pearl Super App, Home Remit service, and Mastercard prepaid offerings.

Managepay expects to complete the initiatives by the second quarter of 2025, pending approvals.

Managepay shares closed unchanged at 11.5 sen today, valuing the company at RM119 million. —TMR