EPI (HOLDINGS) (00689) has announced a board proposal for a rights issue. The proposal is for eligible shareholders to be offered 2 rights shares for every 1 existing share held on the record date, with a subscription price of HK$0.16 per rights share. The company aims to raise up to approximately HK$198 million (before costs and expenses) by issuing a maximum of 1.238 billion rights shares, assuming no change in the total number of issued shares from the date of this announcement to the record date. The rights issue will be extended solely to eligible shareholders and will not be offered to excluded shareholders. The subscription price represents a discount of approximately 17.10% to the closing price of HK$0.193 per existing share, based on the last trading day's closing price as quoted on the Stock Exchange. The estimated net proceeds from the rights issue are expected to be approximately HK$192.7 million.