KUALA LUMPUR: Kein Hing International Bhd has proposed a bonus issue of 9.9 million new shares on a one-for-10 basis.

The company, which is involved in precision machining, said on Friday as at July 14, the issued share capital of is RM49.50mil, comprising 99 million shares. 

Kein Hing said the corporate exercise is to reward the existing shareholders and also increase the share capital to a level which will better reflect the current scale of operations.

“It is also to facilitate possible equity-linked fundraising exercises in the future through this larger share capital base,” it added.

It expected the bonus issue to be completed by the fourth quarter of 2017. 

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