KUALA LUMPUR (Aug 11): A total of 4.15 million more warrants in Dagang NeXchange Bhd (DNeX), which expired on July 31, have been converted into ordinary shares at an exercise price of 50 sen, lifting the total warrants converted to 702 million.
According to DNeX's filing today, following the latest warrant conversion, the group’s issued share capital will be increased to 3.09 billion shares from 1.76 billion shares a year ago.
So far, the DNeX warrants that have been converted at the exercise price of 50 sen each have enabled the company to raise RM351 million cash.
The 702 million shares are now equivalent to 20.75% of the group’s enlarged share capital.
It was reported earlier that DNeX is estimated to need RM448.8 million cash plus an issue of 1.2 billion new shares to settle the acquisition of an additional 60% stake in North Sea oil and gas (O&G) production outfit Ping Petroleum Bhd and the takeover of wafer foundry SilTerra Malaysia Sdn Bhd together with Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Centre (CGP Fund).
DNeX issued 711.4 million warrants in August 2016, each of which was convertible into one ordinary share at the conversion price of 50 sen.
The warrants were issued as part of a rights issue in 2016, which raised RM97.7 million to part-fund its acquisition of general industries equipment provider OGPC Group.
At the noon break today, DNeX settled four sen or 4.91% higher at 85.5 sen. It earlier climbed to an intraday high of 86.5 sen.
The counter was the most actively traded stock in the morning session, with 177.45 million shares traded.