KUALA LUMPUR: COASTAL CONTRACTS BHD [] has proposed a corporate exercise involving a bonus issue and free warrants to its shareholders and also to purchase up to 10% of its paid-up capital.

It said on Friday, May 6 said it proposed a one-for-three bonus issue and one free warrant for every eight shares held after the proposed bonus issue.

Based on the issued and paid-up share capital of Coastal of RM72.49 million comprising 362.45 million shares of 20 sen each, the exercise would involve the issuance of 120.817 million bonus shares.

Upon completion of the proposed bonus issue, the paid-up share capital will be RM96.65 million comprising of 483.26 million shares.

The proposed free warrants issue involves the issuance of one warrant for every eight shares held by all the shareholders after the proposed bonus issue.