Ramssol Group Berhad has obtained its shareholders approval for the issuance of warrants on the basis of 1 warrant for every 2 existing ordinary shares.
The exercise price for the bonus issue of up to 122,678,325 warrants will have a tenure of 5 years and has been fixed at RM0.45 per warrant, which represents a premium of approximately 16.73% over the 5-day volume weighted average price of the shares up to and including 2 December 2022. The entitlement date will be determined and announced later by the board of directors it said.
The purpose of the bonus issue of warrants is to reward shareholders and allow them to participate in the convertible securities of the Company which is tradeable on Bursa Malaysia Securities Berhad without incurring any cost, as well as increase their equity participation in the Company at a pre-determined exercise price over the tenure of the warrants and allow shareholders to further participate in the future growth of the Company when the warrants are exercised. At the same time, future exercises of the warrants will raise new funds for the Company and in the process, strengthen its capital base.
Group Managing Director and Chief Executive Officer, Datuk Seri Cllement Tan Chee Seng remarked, “We are pleased to offer this bonus issue of warrants to reward our shareholders for their loyalty and support, and we are positive about Ramssol’s prospects and growth trajectory, moving forward. ”
