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| Proposed bonus warrants to reward existing shareholders while ESOS recognises contribution of eligible employees |
IPOH, Malaysia, Oct 25, 2022 - (ACN Newswire) - Yew Lee Pacific Group Berhad (Bursa: YEWLEE, 0248), an established manufacturer principally involved in the manufacturing of industrial brushes as well as trading of industrial hardware and machinery parts, today proposed to undertake a bonus issue of warrants and the establishment of an employees' share option scheme (ESOS) to reward existing shareholders as well as recognise contribution of eligible employees.
 | | Mr. Ang Lee Leong, Managing Director of Yew Lee |
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The proposed bonus issue of warrants will involve 1 warrant for every 2 existing ordinary shares in Yew Lee held by the entitled shareholders or the issuance of 266,217,800 warrants based on the total issued share capital of Yew Lee of RM67,530,363 comprising 532,435,600 ordinary shares as at the latest practicable date (LPD) of 3 October 2022.
The proposed ESOS to be issued will not exceed 30.0% of the total number of issued shares for eligible employees and directors of Yew Lee and its subsidiaries.
Mr. Ang Lee Leong, Managing Director of Yew Lee, said, "We want to reward existing shareholders for their support by enabling them to participate in warrants that come at no cost to them, and which are tradeable on the ACE Market of Bursa Securities Malaysia Berhad. It also allows them to increase their equity participation in the Company's shares at a pre-determined exercise price over the tenure of the warrants and, benefit from any potential capital appreciation of the warrants."
"The proposed ESOS is to recognise the contribution of eligible employees and at the same time, is part of the Company's plan to develop and expand our human capital. The ESOS will allow us to align the long-term interests of eligible employees with those of shareholders to help achieve Yew Lee's business objectives."
M&A Securities and Eco Asia Capital Advisory Sdn Bhd have been appointed as the principal adviser and financial adviser, respectively to the Company in relation to the proposals, which are expected to be completed by the first quarter of 2023.
Yew Lee Pacific Group Bhd: 0248 [BURSA: YEWLEE], https://yewlee.com.my/
Topic: Press release summary
Source: Yew Lee Pacific Group Berhad
Sectors: Daily Finance, Daily News, Local Biz, Manufacturing
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