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KUALA LUMPUR: Kelington Group Bhd has proposed the issuance of bonus shares, together with free warrants, to reward its shareholders.

In a statement, the integrated engineering solutions provider said the bonus issuance will be on the basis of one bonus share for every one existing Kelington share held (one-for-one) on an entitlement date to be determined and announced later.

The free warrants, to be issued after the bonus issue, will be on the basis of one free warrant for every three existing shares held (one-for-three).

CEO Ir. Raymond Gan believed that this is another avenue for the group to reward its shareholders in addition to dividends.

“The proposed bonus issue of shares and warrants is an expression

of our appreciation towards the confidence and patience given to us while we embark on our growth.

“Furthermore, this is expected to improve the marketability and trading

liquidity of our shares and encourage greater participation by investors as well as potentially broadening the shareholder base.”

Meanwhile, he said the free warrants served to reward the shareholders by providing them the option to further increase their equity participation in the group by exercising the warrants at a pre-determined price over the 5-year tenure of the warrants.

“From the group’s perspective, this exercise would potentially provide additional funds to the group for working capital needs as and when the warrants are exercised without the need of incurring interest costs as in the case of bank borrowings,” Gan said.

The proposed bonus issue of shares and warrants could involve the issuance of up to 322.62 million bonus shares, and up to 215.08 million warrants.

Based on the illustrative indicative exercise price of 97.5 sen, the gross proceeds to be raised upon full exercise of the warrants is approximately RM209.71mil.