KUALA LUMPUR (March 30): Berjaya Assets Bhd (BAssets) has proposed a bonus issue of 1.28 billion warrants on the basis of one warrant for every two shares held.

In a filing with Bursa Malaysia, BAssets said the warrants will be issued at no cost to the entitled shareholders.

The group said the exercise price of the warrants has been fixed at 35 sen apiece.

This price represents a 12.5% discount to the theoretical ex-bonus price of its shares of 40 sen, based on the five-day volume weighted average market price of its shares up to March 28 (the last practicable date) of 42 sen.

The exact quantum of cash proceeds to be raised by the group during the exercise period would depend on the actual number of warrants exercised, said BAssets.

However, it said for illustration purposes, if all the warrants are exercised at the exercise price of 35 sen, the total gross proceeds to be raised would be about RM447.7 million, to be used as working capital for the group.

BAssets said the bonus issue is expected to be completed by the second quarter of 2018.

BAssets shares fell by half sen or 1.19% to 41.5 sen yesterday for a market capitalisation of RM1.06 billion. — theedgemarkets.com

For more stories, download EdgeProp.my pullout here for free.

  1. Bursa Malaysia introduces mandatory ESG reporting platform for PLCs
  2. Inta Bina bags RM44m deal to build Eco Majestic's terraced houses
  3. SkyWorld Development opens unchanged at 80 sen on Main Market debut