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SYF Resources proposes one-for-one bonus issue with warrants
by Cals Wed 03 Sep 2014, 22:48
| SYF Resources proposes one-for-one bonus issue with warrants |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Wednesday, 03 September 2014 18:39 KUALA LUMPUR (Sept 3): SYF Resources Bhd has proposed a bonus issue of 312.83 million shares of 25 sen each, together with up to 312.83 million free detachable warrants. The bonus and warrants issues will be on the basis of one bonus share and one warrant for every share held by shareholders. In a filing with the exchange today, SYF said the exercise could potentially raise gross proceeds of up to RM218.98 million, assuming full exercise of the warrants at an indicative price of 70 sen per warrant, which will be used to repay borrowings and for working capital. It added that the proposal is “the most appropriate avenue of rewarding the existing shareholders of the company while potentially enhancing the company's capital base." To accommodate the bonus and warrants issue, SYF is proposing to increase its authorised share capital to RM500 million comprising 2 billion shares, from RM200 million comprising 800 million shares. “Barring any unforeseen circumstances, the application to the relevant authorities for the proposals shall be made within two months from the date of this announcement and the proposals are expected to be completed by the fourth quarter of 2014,” said SYF. |
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