JASMINE International (JASMIN) will allocate 333.6 million warrants to existing shareholders in a bid to raise its working capital, JASMIN President Songrit Kusomrosananan.

The soon-to-be issued warrants would be priced at 0.10 baht apiece, totaling 33.36 million baht, he said.

The warrants would have a five-year lifetime with a conversion option every three month, he said, adding that every warrant could be converted into a common share with conversion price of 5 baht each.

The company's board of directors have the rights to offer the unsold portion of warrants to any shareholder.

The subscription period will be arranged following its receiving an approval from the Securities and Exchange Commission (SEC).

To accommodate the conversion of warrants, the company has to increase its capital to 6.672 billion baht through the issuance of 333.6 million new shares.

JASMIN has restructured its business to be more conservative after it faced similar problem like other telecommunication entrepreneurs-a sharp increase in offshore loans after the baht flotation on July 2, 1998.

The restructuring involved three business lines; firstly, telecom and service provision comprising of heavily indebted TT&T, Jasmine Submarine Telecommunication; secondly, service, distribution and installation of telecommunication equipment comprising of Jasmine Telesystem, Siamteltec Computer, TJP Engineering and Jasmine Smartshop and finally, offshore and regional business ventures comprising of Jasmine International Overseas.

JASMIN is also approaching foreign potential partner to increase its competitiveness in preparation for liberalization of telecommunication business.

JASMIN and its group performance in 1998 returned to a profit of 524.61 million baht against 5.44 billion baht loss in 1997 due mainly from foreign exchange gains.