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FAJAR-WB – An Instrument to Bet on Company’s New Venture

FAJAR-WB, the new 5-year company warrant of Fajarbaru Builder Group Berhad (Fajarbaru), began trading on Bursa Malaysia on 2 October 2014.  This warrant was given free to shareholders of Fajarbaru who subscribed for the company’s rights issue of new share at 50 sen per share.  FAJAR-WB has been trading within a band of between 14 sen and 19.5 sen since its listing and recently consolidated between 15 sen and 17 sen.  The underlying share price had traded below the rights issue price of 50 sen since October and reached a low of 42.5 sen in the middle of October before recovering recently boosted by the company’s share buyback activities.  At the close of 12 November, the underlying share and warrant were last traded at 46 sen and 16 sen respectively.

PENSONIC-WB : Snapped Up by Big Warrant Buyer

Electrical and electronic appliance maker Pensonic Holdings Berhad implemented a rights issue of warrants at the beginning of this year at an issue price of 10 sen per warrant. The warrant, PENSONIC-WB was offered to shareholders of the company via a 1 for 2 rights issue.  A total of 64.83 million warrants were issued.  PENSONI-WB has traded between 13.5 sen and 20 sen since it was listed on Bursa Malaysia on23 January 2014.  PENSONI-WB ended trading on 5 November 2014 at 16 sen while the mother share closed at 46 sen on the same day.

Tan to Consolidate Stake in Flonic Hi-Tec via Rights Issue with Free Warrant

The share and warrant of Flonic Hi-Tec Berhad (Flonic) has attracted investors’ interest recently as the company is at the final stage of completing its rights issue.  Flonia has proposed to raise up to RM36.7 million via a rights issue of up to 524.9 million new shares together with up to 349.9 million free warrants on the basis of one rights share for every one existing share together with two free warrants for every three rights shares subscribed at an issue price of 7 sen per rights share.  The granddaughter of the late Tan Sri Tan Yuet Foh, the founder of Tan Chong Motors Holdings Bhd, Datin Tan Siew Ching (Datin Tan) looks to consolidate her position in the company she started emerging as substantial shareholder last year.  The share price of Flonic ended trading on 29 October at 6 sen.

Investors’ Preference for IBHD-WA over IBHD-LB

The new warrant and Irredeemable Convertible Unsecured Loan Stock (ICULS) of I-Bhd’s began trading on Bursa Malaysia on 14 October 2014.  These securities made their debut during a period when the stock market is experiencing a substantial pullback amidst the spike in volatility in the stock market worldwide.  The warrant and ICULS were issued as part of I-Bhd’s corporate exercise aimed at maintaining the company’s financial strength as it builds up its investment property portfolio and enhancing shareholder returns.  Under the exercise, I-Bhd undertook a renounceable rights issue of 286.2 million new shares at 69 sen each on the basis of 5 new shares for every 4 shares held on entitlement date.  Subscribers of the rights issue received 1 free warrant for every 5 shares subscribed.  At the same time, the major shareholder of I-Bhd which is Sumurwang Sdn Bhd also undertook a restricted offer for sale of 289.1 million ICULS on the basis of 5 ICULS for every 1 share held at an offer price of 50 sen per ICULS.

AHB Mother Share and Warrant Suffer Severe Correction

AHB-WB, the new 5-year company warrant of office furniture maker AHB Holdings Berhad (AHB), began trading on Bursa Malaysia on 5 September 2014.  It has been trading within a band of between 12.5 sen and 16 sen in the month of September before the market correction in October took the warrant price down to as low as 9.0 sen.  The underlying share had also decline significantly from a high of 26 sen in September before hitting a low of 16.0 sen in this round of correction. At the close of 15 October, the underlying share and warrant were last traded at 16.5 sen and 9.5 sen respectively.

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