GDex Express proposes 1 free warrant for every 8 shares held

GDEX said the majority of the board agreed the free warrants were an opportune time to appreciate and reward shareholders during this challenging year due to the Covid-19 pandemic.

KUALA LUMPUR: Logistics company GD Express Carrier Bhd (GDEX) has proposed to issue up to 705.17 million free warrants C on the basis of one warrant for every eight shares held.

It said on Wednesday the entitlement date will be determined and announced later as it requires the approvals of Bursa Malaysia Securities Bhd and GDEX shareholders.

GDEX said the majority of the board agreed the free warrants were an opportune time to appreciate and reward shareholders during this challenging year due to the Covid-19 pandemic.

“The new warrants will also provide an opportunity to raise new funds to further strengthen the company’s capital base as and when the warrants C are exercised, ” it said.

While acknowledging the difficulties this year, it had already prepared a foundation for future growth; a new corporate philosophy, embarking on streamlining its business operations and investments functions.

“These become necessary in respond to the new operating landscape; shifting customers’ preferences, the advent new digital technology that offers improved customers’ experiences and raised new possibilities.

“The group will continue to explore new investment opportunities within the region and further solidify its Asean regional network, after its successful investments in Indonesia and Vietnam. An expanded regional network will create greater value for all stakeholders especially its customers, ” it said.