KUALA LUMPUR (April 28): YTL Corp Bhd (KL:YTL) and YTL Power International Bhd (KL:YTLPOWR) said their shareholders have given the green light to proceed with their respective bonus issue of warrants.

In filings with the bourse on Monday, the two companies announced the results of the poll voting for the bonus warrants issue, to be issued on the basis of one free warrant for every five shares held.

For YTL Corp, 1,209 shareholders, representing 98.61% of the votes, supported the proposal, while 132 shareholders, holding 1.39% of the votes, opposed it.

Meanwhile, YTL Power saw 1,220 shareholders, representing 99.36% of the voted shares, supporting the proposal versus 154 shareholders, holding 0.64%, opposing it.

The warrants are planned to be exercised at a discount to the share prices of the respective companies — at 20.63% discount for YTL Corp, and 27.30% discount for YTL Power based on their closing prices on Monday.

YTL Corp's bonus issue entails up to 2.27 billion warrants, allowing shareholders to convert the warrants into shares at an exercise price of RM1.50 per share during a three-year tenure. On Monday, YTL Corp shares closed at RM1.89.

YTL Power's bonus issue of 1.67 billion warrants has a conversion price of RM2.45 per share over three years. Shares of YTL Power closed at RM3.37 on Monday.

These warrants will not be listed and cannot be traded or transferred.

If fully exercised, the warrants will bring in RM3.4 billion to YTL Corp, and RM2.2 billion to YTL Power. YTL Corp owns a 54.94% stake in YTL Power.

Separately, Bursa Malaysia said it has approved the listing of the new shares to be issued arising from the bonus warrants exercise.

At the close of trading on Monday, YTL Corp had a market capitalisation of RM21 billion. The counter has declined 28.68% this year. Meanwhile, YTL Power was valued at RM27.9 billion. The counter has declined 23.23%.