Kuala Lumpur, July 1: Artwright Holdings Bhd said it is proposing a bonus and bonds issue as well as a warrants offer.

In a statement sent late on Monday to the Kuala Lumpur Stock Exchange, the office furniture supplier said it is proposing a bonus issue of 9.985 million new shares on a one-for-two basis as well as an offer of 50 million ringgit of 4.0 per cent redeemable bank guaranteed unsecured bonds.

The bonds come with 13.313 million detachable warrants, and are done on a "bought deal" basis whereby the securities will be initially subscribed and paid for by its merchant banker Amanah Merchant Bank Bhd as primary subscriber at the full price of the nominal value of the bonds.

Artwright also said it is in a proposed renounceable offer for sale of the rights to allotment of 13.313 million warrants at an offer price "to be determined later", on a two-for-three basis to be held before the proposed bonus issue.

The company said it was proposing an increase in its authorised share capital from 50 million ringgit to 500 million ringgit.

Artwright said the proposed bonds issue with warrants will enable it to raise total gross proceeds of 50 million ringgit for working capital, repayment of bank debt and to finance its regional expansion.

Artwright also said one of its wholly-owned units has been awarded a contract to supply office furniture to parts of the Kuala Lumpur International Airport.

The sections are the administration block of the main terminal building and the contract pier of the new international gateway, the statement said.Terms of the contract were not disclosed.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.