KUALA LUMPUR (Jan 20): Maybank Investment Bank (Maybank IB) has issued new European-style non-collateralised cash settled put warrants over the ordinary shares of Public Bank Bhd with an issue size of 100 million warrants.

The put warrants' issue price is set at 15 sen, on the basis of 30 put warrants for one public bank share, according to a filing with Bursa Malaysia.

The listing of the put warrants is scheduled to be Jan 21, 2021 and the expiry date is set to be Nov 30, 2021. It has set an exercise price of RM18.

It is expected to raise total gross proceeds of up to RM15 million from the offer and intends to use the bulk from the proceeds or RM14.8 million for working capital during the tenure of the put warrants, including the costs relating to risk management, such as hedging and its associated costs, while the balance of RM200,000 will be used to defray estimated expenses incurred by the exercise, which include professional fees, fees to authorities, selling fees, printing costs and miscellaneous costs.

The share price of Public Bank rose 62 sen or 2.97% to RM21.52 at noon break, after 3.06 million shares were traded. At RM21.52, it has a market capitalisation of RM83.54 billion.

Year-to-date, the stock has gained 5% from RM20.52 on the first trading day this year.