KUALA LUMPUR (Oct 24): Lianson Fleet Group Bhd (KL:LFG) has proposed a bonus issue of warrants on the basis of one free warrant for every 10 shares held in the offshore support vessel operator.
The proposed exercise involves the issuance of up to 123.72 million warrants, with a five-year tenure, according to a bourse filing on Friday.
Lianson currently has 1.12 billion shares in circulation and 95.67 million outstanding warrants exercisable at 82.5 sen apiece expiring in February 2028. The group is set to issue 25.23 million shares to Yinson Capital Sdn Bhd for the acquisition of Yinson Port Ventures Pte Ltd and Yinson Premier Ltd.
The newly proposed bonus warrants could enable Lianson to raise up to RM271.94 million if fully exercised at an assumed exercise price of RM2.198, being Lianson’s five-day volume-weighted average price up to and including Oct 15.
Proceeds will be used to fund the group’s future working capital requirements.
The final exercise price of the proposed warrants will be determined later. The proposal will also require shareholders’ approval at an extraordinary general meeting to be held later.
Lianson also proposed the establishment of an employees’ share scheme of up to 10% of its share base.
Both proposals are expected to be completed by the first quarter of 2026, the group noted.
Shares in Lianson ended unchanged at RM2.13 on Friday, valuing the group at RM2.37 billion.