KUALA LUMPUR (Mar 13): Mitrajaya Holdings Bhd has proposed a bonus issue of up to 222.63 million new ordinary shares of 50 sen each, on the basis of one bonus share for every two existing ordinary shares of 50 sen each in the company, on an entitlement date to be determined and announced later.

In a filing with Bursa Malaysia today, the company which has interests in construction, civil engineering works and property development, also proposed a bonus issue of up to 89.05 million free warrants in the company (Warrants-D), on the basis of one free Warrants-D for every five existing Mitrajaya shares held on the entitlement date.

In addition, the company proposed the establishment of a new employee share option scheme involving up to 15% of the issued and paid-up share capital of Mitrajaya, excluding its treasury shares, to eligible directors and employees of Mitrajaya and its subsidiaries which are not dormant.

The proposed bonus issue will not have any material impact on the earnings of the group for the financial year ending Dec 31, 2015 except for the corresponding reduction in the consolidated earnings per share of the group as a result of increase in the number of Mitrajaya shares in issue pursuant to the proposed bonus Issue.

Barring any unforeseen circumstances, the proposals are expected to be completed by the third quarter of 2015.

Mitrajaya (fundamental: 1.70; valuation:1.80) shares closed down 3 sen or 1.78% today to RM1.66, with a market capitalisation of RM667.18million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. )