KUALA LUMPUR (Feb 10): Visdynamics Holdings Bhd has proposed a one-for-two bonus issue of shares to reward its existing shareholders.

It entails the issuance of up to 87.6 million new shares to the entitled shareholders.

At the same time, the company also proposed a bonus issue of warrants, involving the issuance of up to 65.7 million new warrants on the basis of one warrant for every four shares held after the completion of the proposed bonus issue of shares.

Assuming that all warrants are exercised at an indicative exercise price of 5.5 sen each, Visdynamics will raise gross proceeds of up to about RM36.13 million, to fund its day-to-day operations.

The company is involved in the design, assembly and testing of back-end equipment in the automated test equipment industry for semiconductors.

At market close on Friday (Feb 10), shares in Visdynamics were down 3.5 sen or 4.6% to close at 73.5 sen, valuing the company at RM128.77 million.