Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 13): Heng Huat Resources Group Bhd has proposed a bonus issue of up to 588.19 million shares on the basis of three bonus shares for two shares held.

In a bourse filing, the Penang-based integrated manufacturer of oil palm and coconut biomass products said the entitlement date will be determined and announced later after all the approvals for the proposed bonus issue have been obtained.

The group said the theoretical ex-bonus price based on the lowest daily volume-weighted average market price of its shares during the past three-month and five-day periods is expected to be between 20.24 sen and 31.14 sen.

The proposed bonus issue is expected to be completed in the first half of 2022.

In the six months ended Sept 30, 2021 (1HFY22), Heng Huat returned to the black with a net profit of RM5.63 million compared with a net loss of RM5.26 million a year ago, on higher gross profit margin of its bio-oil products. Revenue for the period rose 30.3% to RM40.56 million from RM31.12 million in 1HFY21.

Heng Huat's share price closed up 3.5 sen or 4.43% at 82.5 sen, giving the group a market capitalisation of RM116 million.

Edited ByKang Siew Li
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