Friday 29 Mar 2024
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KUALA LUMPUR (Feb 5): Chinese restaurant operator Oversea Enterprise Bhd (Oversea) will undertake a special Bumiputera issue of 35 million new shares, in order to comply with the Bumiputera equity condition set by regulators.

According to a filing with Bursa Malaysia, Oversea said it was part of its listing conditions to allocate 12.5% of its enlarged issued and paid-up share capital to Bumiputera investors recognised by the Ministry of International Trade and Industry (MITI), within one year after the company achieved a profit track record to qualify for listing on the Main Market, or five years after being listed on the Ace Market.

The price of the new shares will be determined at a later date, and funds raised from this special issue will be used for working capital.

Oversea (fundamental: 2.5; valuation 1.8) saw its share fallen by 2.44% to close at 20 sen today. This gives the company, a market capitalisation of RM48.18 million.

(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.)

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