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BUSINESS

Kelington proposes one-to-one bonus share issue

06/04/2021 08:53 PM

KUALA LUMPUR, April 6 -- Kelington Group Bhd has proposed the issuance of 322.62 million bonus shares on the basis of one bonus share for every one existing share held and up to 215.08 million free warrants on the basis of one free warrant for every three existing shares held.

It said in a statement today that based on the illustrative indicative exercise price of 97.5 sen, the gross proceeds to be raised upon full exercise of the warrants is approximately RM209.71 million.

“The proceeds will be utilised to part-finance the acquisition of assets for the industrial gas business division, working capital and partially repay bank borrowings, term loans and leases,” it said.

It said the company has also proposed diversification to include manufacturing, distribution and trading of industrial gases.

It added that barring any unforeseen circumstances and subject to the approvals of relevant authorities being obtained, the proposed bonus issue of shares and warrants are expected to be completed in the third quarter of 2021.

-- BERNAMA

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