Hong Seng proposes bonus issue

KUALA LUMPUR: Hong Seng Consolidated Bhd has proposed a bonus issue of up to 936.97 million free warrants (Warrants B) on the basis of one Warrant B for every three existing ordinary shares in the company held by the entitled shareholders on an entitlement date to be determined and announced later.

In a filing with Bursa Malaysia, it said the proposed bonus issue will not raise any immediate funds as it will be issued at no cost but the amount of proceeds to be raised from the exercise would depend on the actual number of Warrants B exercised during the exercise period and at the exercise price.

It also noted the gross proceeds to be raised are expected to be used for the working capital to support all ongoing business operations and/or any future prospective business and/or acquisitions subject to its operating requirements at the time of utilisation.

Pending its utilisation, the proceeds shall be placed in deposits with financial institutions or short-term money market instruments, it added. - Bernama

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