KUALA LUMPUR (Aug 5): Bursa Securities has rejected Focus Dynamics Group Bhd's proposed one-to-three share split, in view of the group's low adjusted share price of 1.5 sen.

The group, which had 6.15 billion issued shares at Dec 29, 2020, proposed in January to split each of its shares into three to improve its trading liquidity.

Focus Dynamics also had 3.07 billion warrants at the time, as well as 1.99 billion irredeemable convertible preference shares. The proposal would have raised its share base to between 18.45 billion and 33.6 billion shares.

"Bursa Securities had, vide its letter dated Aug 5, 2021, rejected the proposed share split, in view that the price of Focus shares as at July 29, 2021 was 4.5 sen and the proposed share split, if approved and implemented, would result in an adjusted price of 1.5 sen post proposed share split," the company filing said.

Focus Dynamics just completed in October last year a one-to-three share split it proposed two months earlier in August. At the time, which was also the height of the penny stock fever, its share price surged past RM2.60 right before the stock split.

Following the share split, the counter, which was trading at over 80 sen in November, has since lost 95% in value to settle at four sen today. The latest share price gives the group a market capitalisation of RM254.89 million.