KUALA LUMPUR – VS Industry (VSI) said construction of its new electronics manufacturing facilities in Johor, Malaysia, are on track to be completed soon. The new capacity permits the EMS company to meet increased orders.

VSI received shareholder approval for its proposed bonus issue of up to 1.92 billion new ordinary shares and proposed bonus issue up to 768.2 million free warrants on the basis of one warrant for five existing VSI shares held.

“The enquiries stemming from the ongoing US-China trade war remain encouraging and are being addressed and evaluated by our special business development taskforce,” said managing director Datuk SY Gan. “The free warrants provide our shareholders the option to further increase their equity participation in the group by exercising the warrants at a predetermined price over the tenure of the warrants. From VSI’s standpoint, this would potentially provide additional funds to the group for capital expenditure and to repay bank borrowings.”

The group recorded its highest first-half profit after tax and non-controlling interest of RM130.5 million (US$31.9 million) on the back of RM1.99 billion (US$485.9 million) revenue for the period ended Jan 31.

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