KUALA LUMPUR (Dec 17): Latitude Tree Holdings Bhd plans to undertake a one-for-one bonus issue of up to 97.16 million new shares plus an employees’ share scheme (ESS) of up to 10% of the total issued share capital of the company.

In a filing with Bursa Malaysia, the furniture maker said the actual number of bonus shares to be issued will depend on the total issued shares on the entitlement date, which will be determined and announced at a later date upon receipt of all relevant approvals.

Latitude Tree said the ESS is for eligible directors and employees of the company and its subsidiaries

Its board of directors expects the proposals to be completed by the second quarter of 2021.

Shares of Latitude Tree fell 11 sen or 2.64% to close at RM4.05 today, giving it a market capitalisation of RM385.76 million.

Year to date, the stock had risen 42% from RM2.85 on Jan 2, 2020.