VS Industry’s facilities in Johor on track for completion


“The enquiries stemming from the ongoing United States-China trade war remain encouraging and are being addressed and evaluated by our special business development taskforce, ” managing director Datuk S.Y. Gan (pic) said in a statement.

KUALA LUMPUR: VS Industry Bhd (VSI), which has received shareholders’ approval for its proposed bonus issue of shares and warrants, said the construction of its new facilities at i-Park @ Senai Airport City in Johor is on track to be completed soon.

The new capacity would allow it to meet the increased orders from customers, the integrated electronics manufacturing services provider said.

“The enquiries stemming from the ongoing United States-China trade war remain encouraging and are being addressed and evaluated by our special business development taskforce, ” managing director Datuk S.Y. Gan said in a statement.

Meanwhile, at its extraordinary general meeting on Wednesday, shareholders approved VSI’s proposed one-for-one bonus issue of up to 1.92 billion new ordinary shares and proposed bonus issue up to 768.2 million free warrants on the basis of one warrant for five existing VSI shares held.

Gan said following the green-light, the company expected greater participation by investors, which in turn would lead to a broadening of the shareholder base.

VS Industry plant in SenaiVS Industry plant in Senai

“On the other hand, the free warrants provide our shareholders the option to further increase their equity participation in the group by exercising the warrants at a pre-determined price over the tenure of the warrants.

“From VSI’s standpoint, this would potentially provide additional funds to the group for capital expenditure and to repay bank borrowings, ” he said.

The group recorded its highest first-half profit after tax and non-controlling interest of RM130.5mil on the back of RM1.99bil revenue for the period ended Jan 31,2021.

It also declared a total dividend per share of 2.4 sen for the aforementioned financial period.

VSI’s balance sheet remains in a net cash position, with net cash per share of 10 sen as at end-January 2021, backed by net assets of RM1.07 per share. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

VS Industry , facilities , Johor , on track , S.Y. Gan , China , US ,

   

Next In Business News

Berjaya Corp denies involvement with Berjaya Investment, warns of scam
WTI-Brent spread narrows as oil market tightens
Ace market bound Nestcon IPO oversubscribed by 57 times
Rubberex proposes RM78.6mil share placement for capacity expansion�
George Kent posts 14-month net profit of RM48.7mil
FBM KLCI falls 16.81 points; 784 stocks in red
Serba Dinamik denies Abu Dhabi contract is a RPT
Record net profit for Comfort Gloves
Cryptocurrencies tumble amid China crackdown on bitcoin miners
Stocks fall as hawkish Fed reverberates; Treasury yields slide

Stories You'll Enjoy


Vouchers