KUALA LUMPUR (May 10): Pharmaniaga Bhd surged as much as 71 sen or 20.4% from its close at RM3.48 last Friday to hit RM4.19 this morning after announcing a four-for-one bonus issue.
At the time of writing, the counter had pared some gains at RM3.88, still up by 40 sen or 11.49%.
The counter, which was the second top gainer this morning at the time of writing, had seen 1.87 million shares changed hands.
Pharmaniaga last Friday proposed a bonus issue of 1.06 billion shares on the basis of four bonus shares for every share held on an entitlement date to be announced later.
According to Pharmaniaga, the theoretical ex-bonus share price of its shares is expected to be between 68 sen and 77 sen.
“Barring any unforeseen circumstances, the proposed bonus issue is expected to be completed by the third quarter of 2021 (3Q21),” it said.