This article first appeared in The Edge Financial Daily, on March 14, 2017. KUALA LUMPUR: Borneo Oil Bhd is planning a bonus issue of 2.11 billion shares on the basis of four bonus shares for every eight existing shares held, with 528.09 million warrants on a one-for-eight basis. The proposed bonus share issuance will be implemented concurrently with the proposed bonus issue of warrants, Borneo Oil said in a filing with Bursa Malaysia yesterday. The company said the proposed bonus issuances are to reward the company’s existing shareholders and enhance its capital base. Borneo Oil said the gross proceeds to be raised from the exercise of the warrants will be used as additional working capital for the company and its subsidiaries, though the exact time frame for utilisation of the proceeds is not determinable at this juncture.

Source: The Edge Markets March 14, 2017 01:30 UTC