KUALA LUMPUR (Oct 22): Gamuda Bhd has proposed to establish an employees' share option scheme (ESOS) with the number of shares to be issued equivalent to 10% of its issued share capital.

In a bourse filing, Gamuda said all its executive directors namely Datuk Lin Yun Ling (group managing director), Datuk Ha Tiing Tai (deputy group managing director), Mohammed Rashdan Mohd Yusof  (deputy group managing directors) and Justin Chin Jing Ho (managing director) are deemed interested in the proposed ESOS scheme.  

Based on the illustration given by the company, its enlarged share capital will increase to 2.76 billion shares, assuming the proposed ESOS scheme is fully satisfied through the issuance of new shares, compared with its issued share capital of 2.51 billion shares as at Sept 30, 2021.

“For illustrative purposes only, the Ringgit Malaysia value of the shares issued pursuant to the proposed scheme is based on an assumed exercise price of RM3.05, being the five-day volume weighted average market price of the shares up to and including the latest practicable date (LPD).

The proposed ESOS scheme, which is subject to shareholders’ approval, is expected to be completed within two months from the date of Bursa Securities’ approval for the listing application related to the ESOS scheme.

Shares in Gamuda fell three sen or 0.93% to close at RM3.19, giving it a market capitalisation of RM8.02 billion.