Friday 29 Mar 2024
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KUALA LUMPUR (Nov 19): Ni Hsin Resources Bhd (Ni Hsin) today proposed to undertake bonus issue of up to 118.30 million warrants on the basis of one warrant for every two Ni Hsin shares.

Ni Hsin said in a press release today that the bonus issue of warrants is to reward shareholders, providing them opportunity to participate in the future growth of the group.

Meanwhile, the steel cookware maker also expect this corporate exercise to improve the trading liquidity and marketability of Ni Hsin shares.

Last week, Ni Hsin announced that it had acquired Inoco Resources Sdn Bhd (IRSB) as its wholly-owned subsidiary from executive director Datin Ida Suzaini Abdullah.

IRSB is a newly incorporated company which intended business activity is oil and gas (O&G) exploration and production.

Ni Hsin share price was trading between 15 sen and 20 sen since the beginning of the year, before it started to climb in July, and eventually reached above 50 sen.

Today, Ni Hsin share closed at 45 sen, down one sen or 2.17%, giving it a market capitalisation of RM103.93 million.

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