Southern Cable proposes 1-for-2 bonus issue of warrants
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KUALA LUMPUR: Southern Cable Group Bhd has proposed a bonus issue of up to 400 million warrants, on the basis of one warrant for every two existing ordinary shares held.
The cable and wire manufacturer said the proposal entailed the issuance of 400 million five-year warrants, with an option for holders to exercise one warrant into one new ordinary share of Southern Cable.
The group is expected to raise up to RM117.7mil in gross proceeds assuming a full exercise of the warrants at an indicative exercise price of RM0.2942 per warrant.
It said the proceeds would be utilised as working capital requirements. Its share capital would increase up to RM335.3mil from RM217.7mil previously.,
Managing director Tung Eng Hai said the group is preparing the necessary resources that would enable it to capture the optimistic outlook in the near term, in line with its operations requirements and business development strategies.
“The working capital would also aid in fulfilling our total orders in hand exceeding RM800mil, which includes the recently-secured RM294mil supply contract from Tenaga Nasional Bhd.
“Furthermore, we are intensifying our sales efforts to target new markets in Malaysia and overseas, for instance from our new customer in the United States,” he said.
The corporate exercise is subject to shareholders’ approval during an extraordinary general meeting to be convened, following which the entitlement date of the warrants and its actual exercise price would be determined at a later date.