Minho proposes 11-for-20 bonus issue

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KUALA LUMPUR (Sept 25): Minho (M) Bhd is proposing to undertake a bonus issue of up to 181.25 million new shares in the company on the basis of 11 bonus shares for every 20 existing Minho shares held, on an entitlement date to be determined later.

The proposed issuance is intended to reward Minho’s shareholders and enable them to have greater participation in its equity while retaining their percentage of equity interest held.

Additionally, the bonus issue is also expected to improve the trading liquidity and marketability of Minho shares on the main market of Bursa Securities while increasing the capital base of the company.

The bonus issue will be wholly capitalised from the share premium account of the company, Minho said.

The proposed bonus issues is expected to be completed by the fourth quarter of this year.

Minho’s share price closed three sen or 5.83% higher at 55 sen, for a market capitalisation of RM120.92 million.