UWC proposes two-for-one bonus issue, announces RM11.2m 1Q net profit

TheEdge Fri, Nov 15, 2019 08:10pm - 4 years View Original


KUALA LUMPUR (Nov 15): Newly listed UWC Bhd today announced a bonus issue of one new share for every two existing shares in the company.

The entitlement date for the bonus issue of 183.4 million shares will be decided later, the integrated engineering support services provider said in a filing with the stock exchange.

Separately, the group also reported a net profit of RM11.22 million, or 3.06 sen per share, for its first quarter ended Oct 31, 2019. Revenue totalled RM46.91 million.

UWC said there are no comparative figures as this is the third interim financial report on the consolidated results for the period ended Oct 31, 2019, announced by the company in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.

The group said a final dividend of three sen per share for the previous financial year ended July 31, 2019 (FY19) will be paid on Jan 30, 2020.

The group remains optimistic on business prospects for FY20 in spite of the unfavourable market sentiment and trade tensions between China and the US.

Nonetheless, the group said it will continue its efforts to acquire new customers and improve its performance.

With new machines in the factory, the group said it will continue to improve manufacturing efficiency as well as develop new products to further grow the company.  

In another filing, UWC said Ng Chin Liang has been appointed as its deputy chief executive officer, effective immediately.

The 26-year-old is the son of Datuk Ng Chai Eng, UWC’s executive director-cum-group chief executive officer.

He joined UWC in 2016 after a stint at accounting firm Deloitte. He currently holds 110,000 shares or a 0.03% stake in UWC.

UWC’s share price closed one sen or 0.37% higher at RM2.68, valuing the group at RM983.02 million. The counter has gained some 226.83% from its initial offering price of 82 sen.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.460
UWC 2.910

Comments

Login to comment.