Business News

Thursday, 25 July 2013

Puncak Niaga's 40.9 million warrants to list on Friday

KUALA LUMPUR: Puncak Niaga Holdings Bhd’s 40.91 million warrants will start trading on Friday.

The warrants were issued on the basis of one free warrant for every 10 shares held under its corporate exercise.

 It said on Thursday the stock short name, stock number and ISIN code of the Warrants B are "PUNCAK-WB", "6807WB" and "MYL6807WBS73" respectively.

 The corporate exercise involved the issuance of the warrants and a five-year redeemable convertible secured sukuk ijarah of up to RM165mil in nominal value.

 Puncak Niaga had sought its shareholders’ approval for the free warrants and the sukuk ijarah during its EGM on May 28.

 The proposed free warrants would not raise any immediate funds upon issuance but noted that it would only raise funds once the warrants were exercised. The exercise price is RM1.

 Proceeds from the exercise of warrants would be used for working capital expenses.

 The proceeds of up to RM165mil raised from the proposed convertible sukuk issue would be used to fund future syariah compliant acquisitions or investments agreed between the company and the sukuk holders within 12 months from the receipt of the fund.

 At 12.30pm, Puncak Niaga’s share price was up seven sen to RM2.52, with 4.92 million shares traded between RM2.48 and RM2.54.

Tags / Keywords: Stocks, Investing

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