Jaycorp announces 1-for-1 bonus issue

Jaycorp announces 1-for-1 bonus issue
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KUALA LUMPUR (Oct 21): Jaycorp Bhd has proposed to undertake a bonus issue of 137.25 million new shares on the basis of one bonus share for every one share held.

In a bourse filing, Jaycorp said the entitlement dates will be determined later.

The group said the bonus issue could encourage greater participation in the equity of the company and potentially result in improved trading liquidity of Jaycorp shares.

Based on the five-day volume weighted average price (VWAP) of Jaycorp shares up to Oct 20, and the lowest daily VWAP of its shares during the past three-month period up to Oct 20, the theoretical ex-bonus price for its shares is expected to be between 79.16 sen and 83.1 sen

It said the proposed bonus issue is expected to be completed by the first quarter of 2022.

According to the company's website, Jaycorp is an investment holding company while its subsidiaries’ principal activities are wooden furniture manufacturing, pressure treatment and kiln drying of wood, biomass, corrugated carton packaging, general trading, property letting, investment holding, general construction and civil engineering works.

Shares in Jaycorp closed up three sen or 1.81% to RM1.69, for a market capitalisation of RM232 million.

Lam Jian Wyn