Prolexus soars 5.62% on proposed bonus issue

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KUALA LUMPUR (Oct 27): Garments manufacturer Prolexus Bhd has jumped 5.62% to RM1.69 in the morning trade, following a proposal of a two-for-five bonus issue last Friday.
 
After climbing to as high as RM1.73 earlier, Prolexus has soared 5.62% or 9 sen to RM1.69 at 9:48 am, with some 551,300 shares changed hands.
 
Last Friday, Prolexus Bhd has proposed a two-for-five bonus issue with the issue of up to 36.9 million bonus shares.
 
It said in a filing to Bursa Malaysia on Friday that the proposed bonus issue would be fully capitalised from the company’s retained profits.
 
“The board confirms that the reserves required for the capitalisation of the proposed bonus issue based on the latest audited financial statements for the FYE July 31, 2014 are adequate and unimpaired by losses on a consolidated basis,” it said.