NADIBHD Free Warrants: Eligibility & Crediting Date

Many clients and students have been asking the same question this week: "I hold NADIBHD shares. When do I get the free warrants? Who qualifies? Why can't I see them in my account yet?" These are fair questions - a bonus issue of warrants involves several key dates that are easy to confuse, especially for investors receiving free warrants for the first time.

This article answers all three questions one by one, based on the official announcements made by Gagasan Nadi Cergas Berhad (NADIBHD, 0206) to Bursa Malaysia.

The Quick Answer

Who qualifies: NADIBHD shareholders whose names were recorded in the company's register on the entitlement date of 7 August 2026, at 5:00 pm. In practice, you needed to buy the shares no later than 5 August 2026, because the shares began trading without the warrant entitlement (ex-date) on 6 August 2026.

When you get them: The warrants, named NADIBHD-WA (stock code 0206WA), were issued on 12 August 2026 and listed on the ACE Market of Bursa Malaysia at 9:00 am on Tuesday, 18 August 2026. The warrants are credited into the CDS accounts of entitled shareholders before listing, so they should already be visible in your account now.

How many: The ratio is 1 free warrant for every 2 NADIBHD shares held on the entitlement date. Hold 10,000 shares and you receive 5,000 warrants.

Now let's break each of these down in more detail.

What Did NADIBHD Announce?

Gagasan Nadi Cergas Berhad is a construction and concession company listed on the ACE Market of Bursa Malaysia. The company builds hospitals, student hostels and utility projects, as described on its official website.

On 2 April 2026, the company announced a proposed bonus issue of warrants - an issuance of free warrants to existing shareholders. The proposal was subsequently approved by shareholders at an extraordinary general meeting (EGM) on 9 June 2026.

The full details of the exercise, based on the notice of entitlement filed with Bursa Malaysia:

Total warrants: 376,499,998 units of Warrants A
Ratio: 1 free warrant for every 2 existing ordinary shares
Exercise price: RM0.32 per unit
Tenure: 5 years - the warrants expire on 11 August 2031
Cost to shareholders: None. The warrants are free, and no payment is required to receive them

The term "bonus issue" here means a free issuance to existing shareholders. It differs from a rights issue, where you must pay to subscribe for new securities. If you want a deeper understanding of the basics, read our article on essential things to know about bonus issues.

Who Qualifies for the Free Warrants?

Eligibility is determined by two dates announced by the company: the ex-date and the entitlement date. This is the part that confuses investors most often, so let's take them one at a time.

What the ex-date and entitlement date mean

The entitlement date (7 August 2026, 5:00 pm) is the deciding date. Anyone whose name appears in the company registrar's records as a shareholder at this date and time receives the free warrants.

The ex-date (6 August 2026) is the first day NADIBHD shares traded without the right to the warrants. The one-day gap exists because Bursa Malaysia's trade settlement cycle is T+2 - shares you buy today only arrive in your CDS account two market days later.

The practical takeaway:

Bought on or before 5 August 2026 (the last cum-date) and still held through the entitlement date - entitled
Bought on 6 August 2026 or later - not entitled, because the shares were already trading ex
Sold your shares on 6 August 2026 or later - still entitled, because you were the registered holder on the entitlement date

Note that the share price is usually adjusted slightly downward on the ex-date to reflect the value of the warrants being separated out. This is normal and not a sign the stock is "falling".

A worked example

The 1:2 ratio means every 2 shares entitle you to 1 warrant:

1,000 shares - 500 warrants
10,000 shares - 5,000 warrants
15,500 shares - 7,750 warrants

If your holding produces a fractional entitlement, the fraction is disregarded at the board's discretion, as is standard practice for bonus issues on Bursa Malaysia.

The Full Timeline of NADIBHD's Bonus Warrant Issue

Date	Event
2 April 2026	Proposed bonus issue of warrants announced to Bursa Malaysia
29 April 2026	Circular despatched to shareholders
9 June 2026	Shareholders approve the proposal at the EGM
23 July 2026	Deed poll executed; notice of entitlement announced
5 August 2026	Last day to buy shares with the warrant entitlement (cum-date)
6 August 2026	Ex-date - shares begin trading without the entitlement
7 August 2026 (5:00 pm)	Entitlement date - list of entitled shareholders finalised
12 August 2026	376,499,998 Warrants A issued
18 August 2026 (9:00 am)	NADIBHD-WA listed and begins trading on the ACE Market
11 August 2031	Warrant expiry date (end of the 5-year tenure)

From proposal to listing took just over four months. That is a typical timeframe for a corporate exercise of this kind, as it must pass through Bursa Securities' approval, the circular to shareholders, the EGM and the registrar's administrative process.

Hospital building construction site with tower cranes against the Kuala Lumpur city skyline — Gagasan Nadi Cergas is known for building hospitals, student hostels and public facilities across Malaysia.

When Do the Warrants Appear in Your Account?

According to the listing circular dated 14 August 2026, the NADIBHD-WA warrants were listed and began trading at 9:00 am on Tuesday, 18 August 2026. The warrants are credited directly into each entitled shareholder's CDS account before listing - you do not need to apply, fill in any form or pay anything.

Notices of allotment were also despatched by the company's registrar, Tricor Investor & Issuing House Services, to all entitled shareholders as written confirmation.

How to check in M+ Online

Open the Portfolio or Account tab in the M+ Online app and look for the counter NADIBHD-WA. A few things to keep in mind:

Broker portfolio displays sometimes take a little while to update after a corporate crediting. If it is not visible on listing morning, check again after trading hours
The warrants sit in the same CDS account as your mother shares - they are a separate counter, not an addition to your existing NADIBHD balance
The average cost shown for free warrants is usually zero, or may need to be adjusted manually in your own portfolio records

How to check in Bursa Anywhere

For official confirmation straight from Bursa Malaysia Depository's records, use the Bursa Anywhere app. The CDS balance shown there is the authoritative record of your holdings, including newly credited warrants. We have a step-by-step guide on how to check your portfolio and shareholdings in Bursa Anywhere if you are new to the app.

What Can You Do With NADIBHD-WA?

Once the warrants are in your account, you have three options. Each carries different implications, and the decision depends on your own goals and risk tolerance.

1. Sell on the open market

NADIBHD-WA is now a listed counter that can be bought and sold like ordinary shares. On listing day, the warrants traded at around 6.5 to 7 sen per unit. Selling your free warrants generates cash without reducing your mother share holding.

2. Hold

The warrants are valid for 5 years, until 11 August 2031. Holding them gives you leveraged exposure to the mother share's price movements - warrants move more sharply in percentage terms than the underlying share, both up and down.

3. Convert into ordinary shares (exercise)

Each warrant can be converted into 1 new NADIBHD ordinary share by paying the RM0.32 exercise price. This only makes mathematical sense when the mother share trades above RM0.32 plus related costs. The conversion is done through an exercise form submitted to the registrar - we explain the process in our article on how to convert a warrant into the mother share.

What You Should Understand Before Deciding

Warrant premium. At current prices, buying the share through the warrant (warrant price plus RM0.32) costs more than buying the mother share directly on the market. That difference is called the premium, and it changes daily with market prices. The full formula and worked examples are in our article on what warrant premium is and how to calculate it.

Future dilution. If all 376.5 million warrants are eventually exercised, NADIBHD's total shares in issue will increase by up to 50 percent. That adds capital to the company, but also dilutes the percentage holding of shareholders who do not exercise their warrants.

Expiry date. Warrants that are neither sold nor exercised before 11 August 2031 will expire worthless. Unlike shares, warrants have a finite life. Mark this date if you choose to hold.

Volatility. A warrant priced at a few sen can move 10 to 20 percent in a single day. Make sure the size of your exposure matches your ability to stomach swings of that magnitude.

Shariah Compliance Status

NADIBHD shares appear on the list of Shariah-compliant securities issued by the Shariah Advisory Council of the Securities Commission Malaysia. Warrants of a company whose shares are Shariah-compliant are generally classified as Shariah-compliant in the same list, but the status is reviewed twice a year (May and November). For the latest confirmation before trading, refer to the official list on the Securities Commission's website.

Frequently Asked Questions (FAQ)

I bought NADIBHD shares on 6 August 2026. Do I qualify for the free warrants?

No. 6 August 2026 was the ex-date, meaning shares bought on or after that date traded without the warrant entitlement. Only purchases up to 5 August 2026 qualified.

I sold my NADIBHD shares on 10 August 2026. Do I still get the warrants?

Yes. Entitlement was finalised on the entitlement date of 7 August 2026. Selling after that date does not affect your right to the warrants already allotted to you.

How many warrants do I get if I hold 10,000 NADIBHD shares?

5,000 warrants, based on the ratio of 1 warrant for every 2 shares. Fractional units, if any, are disregarded.

Why are the warrants not showing in my M+ Online portfolio yet?

The warrants were credited to CDS accounts before the 18 August 2026 listing, but broker portfolio displays can lag. Check again after trading hours, and verify your actual balance through the Bursa Anywhere app. If they are still missing after a few market days despite being entitled, contact your remisier or the registrar Tricor at 03-2783 9299.

Do I need to pay anything for these free warrants?

No. The warrants are given free to entitled shareholders. The RM0.32 per unit payment only applies if you later choose to exercise the warrants into ordinary shares.

What is the difference between NADIBHD-WA and NADIBHD shares?

NADIBHD is the company's ordinary share. NADIBHD-WA is a warrant - the right to subscribe for 1 new share at RM0.32 before 11 August 2031. Warrants do not receive dividends and carry no voting rights.

What happens if I do nothing until the warrants mature?

Warrants that are not sold or exercised before the 11 August 2031 expiry date will lapse and become worthless. Their value in your account disappears entirely after that date.

Can I sell the free warrants on the first day of listing?

Yes. NADIBHD-WA began trading at 9:00 am on 18 August 2026. As long as the warrants have been credited to your CDS account, they can be sold like any listed counter.

Conclusion

NADIBHD's free warrants went to shareholders on record as at 7 August 2026, at a ratio of 1 warrant for every 2 shares. The NADIBHD-WA warrants have been credited to CDS accounts and began trading on 18 August 2026, with an exercise price of RM0.32 and a tenure running until 11 August 2031. Whether you sell, hold or exercise, understand the premium, dilution risk and expiry date before making your decision.

Corporate exercises like this are something every Bursa Malaysia investor will encounter sooner or later - the earlier you understand them, the more confidently you can manage your own portfolio.

Don't have a trading account yet? Open a CDS trading account with Mahersaham to invest in Bursa Malaysia as well as foreign markets like the US and Hong Kong.

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NADIBHD Free Warrants: Who Qualifies & When They Appear in Your CDS Account