RESINTECH BHD RESINTC (7232) proposes bonus shares, warrant issue

 RESINTECH BHD   RESINTC (7232) proposes bonus shares, warrant issue

KUALA LUMPUR (April 1): Resintech Bhd has proposed a bonus issue of 50.31 million new shares on the basis of one bonus share for every three existing shares held.

In addition, it has proposed a bonus issue of up to 100.62 million free warrants on the basis of one warrant for every two existing shares to reward shareholders, the pipe manufacturer’s filing with the local bourse showed.

Resintech said the proposed bonus issue of warrants will be implemented after the completion of the proposed bonus issue of shares.

The entitlement dates and price of warrants will be determined later.

Resintech expects to raise gross proceeds of between RM79.80 million and RM82.61 million based on an illustrative exercise price of 82.1 sen, which the group has earmarked to fund its working capital requirements.

The proposals are expected to be completed in the second quarter of 2022.

Resintech’s share price closed up four sen or 3.48%, giving it a market capitalisation of RM175 million. Over the past one year, the stock has rallied 153% from 47 sen.

http://www.theedgemarkets.com/article/resintech-proposes-bonus-shares-warrant-issue