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 KUALA LUMPUR (Oct 9): XOX Bhd has proposed to undertake a bonus issue of up to 1.34 billion free warrants on the basis of three warrants for every eight shares held on an entitlement date to be announced later.

In a bourse filing, XOX said the bonus issue will have a tenure of three years commencing from the date of issue.
As at Oct 5, the issued share capital of XOX was RM346.23 million comprising 3.07 billion shares and 86.41 million outstanding irredeemable convertible preference shares (ICPS) worth RM2.16 million.

XOX said assuming full exercise of 1.34 billion warrants at an illustrative exercise price of 16 sen, the company will raise gross proceeds of RM213.8 million.

The proceeds arising from the exercise will be utilised for working capital, including defrayment of operational and administrative expenses.  

Barring any unforeseen circumstances, the bonus warrants is expected to be completed by the fourth quarter of 2020.

XOX’s share price closed unchanged at 12 sen, valuing the group at RM368.48 million. Some 25.38 million shares were traded.