Muar Ban Lee plans 1-to-2 bonus issue of warrants

MUAR Ban Lee Group Bhd is planning to undertake a bonus issue of up to 113.77 million Warrants B, on the basis of one warrant for every two existing shares held.

The Warrants B shall have a tenure of five years at an exercise price of 50 sen, its Bursa Malaysia filing today showed.

Upon full exercise of the Warrants B, the group is expected to raise gross proceeds of RM56.88 million, it said.

The company intends to utilise the proceeds arising from the exercise for its working capital, namely to finance the group’s day-to-day operations, including payment to suppliers and subcontractors, as well as defrayment of operational and administrative expenses.

The proposed bonus issue of warrants is expected to be completed by the first quarter of 2023. — TMR / pic source: