Public Packages hits record high at RM1.46 on bonus issue proposal

TheEdge Tue, Jun 20, 2017 12:26pm - 6 years View Original


KUALA LUMPUR (June 20): Public Packages Holdings Bhd (PPH)'s share price hit its record high at RM1.50 after proposing a five-for-seven bonus issue.

At 11.51am, the counter saw an increase of eight sen or 5.8% to RM1.46 after paring gains, with 1.77 million shares transacted for a market capitalisation of RM151.6 million. In a year, the stock has gained 64.97%.

Yesterday, PPH announced the bonus issue of 78.5 million new shares on the basis of five bonus shares for every seven existing shares held in the company.

The proposed bonus issue, the entitlement date of which will be determined later, will involve capitalising RM39.25 million from its retained profits and share premium account.

It aims to potentially encourage trading liquidity of the group's shares and to increase the group's share capital to a level which will "better reflect the current scale of [its] operations and facilitate possible equity-linked fundraising exercises".

 

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