KUALA LUMPUR (July 2): Lii Hen Industries Bhd surged as much as 45 sen to its all-time high of RM5.30 after the furniture manufacturer proposed a bonus share issue.
The share price is the highest since Lii Hen's (fundamental: 2.8; valuation: 2.4) listing in April 2000, according to Bloomberg data.
Today, Lii Hen shares pared gains. At 9:52am, the stock traded at RM5.20 before changing hands at RM5.18 at 10:08am, making it the largest gainer across the exchange.
Lii Hen saw 154,000 shares transacted.
Yesterday, Lii Hen told Bursa Malaysia its bonus issue would involve up to 30 million new shares on the basis of one bonus unit for every two existing shares held.
Lii Hen also proposed a share split under which, its RM1 share would be divided into two units with a par value of 50 each.
The firm said the share split would be undertaken upon completion of the bonus issue.
According to Lii Hen, the bonus issue aims to reward shareholders while the share split is intended to increase the number of shares held by shareholders while maintaining their equity stakes
in the company.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)