KUALA LUMPUR (April 26): KPJ Healthcare Bhd warrants (KPJ-WB) rose as much as 29.5 sen or 36%, after the hospital operator's shares gained on the group's proposed share split. 

The share split involves dividing one existing share into four units to improve KPJ shares' liquidiy and make the stock more affordable.

At 3:41pm, KPJ-WB gained to its highest so far today at RM1.11 to become Bursa Malaysia's fourth-largest gainer. KPJ-WB had a traded volume of 1.58 million units.

KPJ shares gained as much as 17 sen to RM4.30. At 3:25pm, the stock cut gains at RM4.21, with 1.84 million shares traded.

KPJ-WB owners can convert their warrants into KPJ shares at an exercise price of RM4.01. This means the five-year warrants are in the money, as the warrants' exercise price is lower than KPJ's share price.

KPJ-WB, which was issued on Jan 24, 2014 matures on Jan 23, 2019.

"The warrants 2014/2019 are issued for free to the subscribers of the renounceable rights issue of 43,637,326 new ordinary shares of RM0.50 each in KPJ, on the basis of one rights share for every 15 existing KPJ Shares held as at 5pm on 26 December 2013, together with 87,274,652 free detachable new warrants on the basis of two warrants 2014/2019 for every one rights share subscribed at an issue price of RM2.80 per rights share," KPJ said.