Ewein to raise up to RM60mil from warrants issue

The 20-year contract secured by its unit Metro Parking Management Philippines Inc would also include the construction of an additional 208-bays of steel deck parking structure in MBP - a bustling business hub in the affluent suburb near Alabang Town Centre, one of Metro Manila

KUALA LUMPUR: Ewein Bhd has proposed to undertake a bonus issue of up to 75.40 million free warrants with a tenure of three years, to potentially raise maximum gross proceeds to RM60.32 million. 

In a filing with Bursa Malaysia, the company said the proceeds will be utilised for the future working capital requirements of the group, among others, payment for trade and other payables, staff costs such as salaries, statutory contributions and employee benefits (including medical) and other operating expenses such as utilities.

It said the exercise price will be determined by the board of directors at a later date with the indicative exercise price assumed to be 80 sen per warrant, representing a premium of 22 sen or approximately 37.93 per cent of the five-day volume weighted average market price of Ewein shares.

The group has also proposed the establishment of an executives’ share option scheme of up to 10 per cent of the total number of issued shares for eligible executive directors and senior management as well as a dividend reinvestment plan that provides the shareholders with an option to reinvest in whole or in part of their cash dividends. - Bernama