Ekovest associate PLS up after shareholders approve bonus issue

Ekovest associate PLS up after shareholders approve bonus issue
-A +A

KUALA LUMPUR (Feb 14): PLS Plantations Bhd's share price rose as much as eight sen or 11.27% to 79 sen in morning trades today after shareholders' approved yesterday the company's proposals including its bonus issue involving new free warrants.

At 9:14am today, PLS shares pared gains at 77.5 sen for a market capitalisation of RM271.79 million. PLS saw 269,100 units traded.

Yesterday, PLS said in statements to Bursa Malaysia the company had during its extraordinary general meeting (EGM) here received shareholders' approval for the issue of 175.35 million new free warrants in PLS on the basis of one warrant for every two PLS shares.

Ekovest Bhd's 30.44%-owned associate PLS also indicated yesterday its durian business returns can "easily overtake" its oil palm plantation earnings as PLS embarks on its upstream durian cultivation expansion.

PLS executive director Lee Hun Kheng told reporters after PLS' EGM that the company, which derives the bulk of its earnings from oil palm plantation, foresees its durian business becoming its main revenue driver in the next six to seven years.