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DWL: Switch to warrant for arbitrage gain

After being quiet for quite a while, DWL Resources Berhad (formerly known as Spring Gallery Berhad) attracted investors’ interest in the second week of this month ahead of some changes in shareholding and appointment of former CEO of Mass Rapid Transit Corporation Sdn Bhd Datuk Seri Shahril Mokhtar as its managing director on 19th April 2019.  DWL Resources also announced on 18th April that it has entered into a pre-bid consortium agreement with Gadang Holdings Berhad to jointly work together to bid for infrastructure projects and if successful, will jointly undertake a contract for such infrastructure works.  The share price of DWL Resources soared from 79 sen in the beginning of April to as high as RM2.00 on 23rd April before closing at RM1.70.  The company warrant (DWL-WA) and irredeemable convertible preference shares (DWL-PA) closed at 56 sen and 98 sen respectively on 23rd April.

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