PETALING JAYA: United Plantations Bhd proposes a bonus issue on the basis of 1 bonus share for every existing share held.
According to the group filing with Bursa Malaysia, the bonus issue entails an issuance of 208.13 million bonus shares.
Upon completion of the bonus issue, its enlarged issues share capital will be RM390.05 million comprising 416.27 million shares.
United Plantations said the proposed bonus issue is intended to reward its existing shareholders.
Furthermore, it foresees an improved share trading liquidity without affecting the size of its market capitalisation.
The group also expects the bonus issue to encourage greater participation by investors as well as potentially broadening its shareholder base.
At the noon break, United Plantations shares traded at RM23.36, down 4 sen with 27,800 shares changing hands.
