Seni Jaya proposes 1-for-2 warrants bonus issue

KUALA LUMPUR: Seni Jaya Corp Bhd has proposed a bonus issue of up to 24.27 million warrants on the basis of one warrant for every two existing shares on an entitlement date to be determined later.

In a filing with Bursa Malaysia, the outdoor advertising services provider said the exercise price of the warrants will be fixed at a later date after all relevant approvals had been obtained.

"For illustrative purposes only, the exercise price of the Warrants is assumed to be RM1.971 each, which represents a discount of approximately 10% to the five-day volume weighted average market price of SJC Shares up to and including the latest practicable date of RM2.19 per Share," it said.

On Aug 16, the company had completed a private placement with eight million new shares listed and quoted on the Main Market of Bursa Malaysia, the proceeds of which were allocated for business and investment opportunities.

According to Seni Jaya, it is allocating certain proceeds of the exercise of the warrants to further expand the size of its future business fund and provide it with further flexibility to undertake future business expansion.
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