KUALA LUMPUR: Ni Hsin Group Bhd
has proposed a bonus issue of up to 312.65 million warrants on the basis of one warrant for every two existing ordinary shares held by entitled shareholders.
In a Bursa Malaysia filing yesterday, the company – which specialises in stainless steel cookware and related products – said the warrants will be issued at no cost to entitled shareholders and will have a tenure of five years from the date of issuance.
Proceeds raised from the exercise of the warrants will be utilised for Ni Hsin’s working capital and capital expenditure.
“The group intends to allocate 95% of the proceeds to working capital, comprising the purchase of inventories such as electric vehicle motorcycles, batteries, charging cabinets and stainless steel coils, as well as marketing, after-sales service and administrative expenses. — Bernama
