KUALA LUMPUR (April 2): Sanichi Technology Bhd’s share price closed down 6.5 sen or 18.57% today to 28.5 sen as the precision plastic injection mould’s securities traded ex in the stock’s 10-to-one consolidation in conjunction with the firm’s planned diversification into glove manufacturing.

At 5pm, Sanichi saw 9.16 million shares traded on Bursa Malaysia where the Sanichi is listed on the ACE Market.

Sanichi had initially announced its share consolidation on Feb 3.

On that day, Sanichi said in a Bursa filing that the company proposed to undertake several corporate exercises including its planned business diversification to include glove manufacturing and proposed consolidation of every 10 existing shares in Sanichi into one share.

Sanichi said its corporate proposals included a renounceable rights issue of up to 1.42 billion new shares together with up to 712.22 million free detachable warrants in Sanichi on the basis of six rights shares together with three  warrants for one consolidated share held by entitled shareholders

Based on the minimum scenario, Sanichi said then its number of issued shares stood at 2.005 billion and after the share consolidation, the number of issued shares will be reduced to 200.47 million.

After including the new shares to be issued pursuant to the rights issue with warrants and following the inclusion of new shares to be issued — assuming full exercise of the warrants — the company’s enlarged issued share capital will comprise 387.97 million shares, according to Sanichi.

On March 22, Sanichi said in a Bursa filing that the ex, entitlement and listing dates for the share consolidation had been revised to today, Monday and Tuesday respectively.

Sanichi had on March 19, 2021 initially announced that the original ex, entitlement and listing dates would be yesterday (April 1), today (April 2) and Monday (April 5).

On March 23, 2021, Sanichi said that on or after the ex-date today, Sanichi’s share trade will be based on the newly-adjusted share after the consolidation.
 
Today, Sanichi’s closing share price at 28.5 sen gives the company a market capitalisation of about RM57.13 million based on the company’s 200.47 million issued shares post consolidation.