Pharmaniaga proposes four-for-one bonus issue

TheEdge Fri, May 07, 2021 09:25pm - 1 year View Original

KUALA LUMPUR (May 7): Pharmaniaga Bhd has proposed a bonus issue of 1.06 billion shares on the basis of four bonus shares for every share held on an entitlement date to be announced later.

In a filing with Bursa Malaysia today, the integrated pharmaceutical group said the proposed bonus issue is an appropriate avenue to reward its shareholders as it will enable the existing shareholders to have greater participation in the equity of the company whilst maintaining their percentage of equity interest.

Besides that, Pharmaniaga said the bonus issue is also expected to enhance the affordability, marketability and trading liquidity of its shares, and thus provide opportunity for greater participation from a broader range of investors.

According to Pharmaniaga, the theoretical ex-bonus share price of its shares is expected to be between 68 sen and 77 sen.

Barring any unforeseen circumstances, the proposed bonus issue is expected to be completed by the third quarter of 2021.

Shares of Pharmaniaga went up nine sen or 2.65% to RM3.48 today, bringing it a market capitalisation of RM910.74 million. The counter saw 306,500 shares traded today.

Year to date, the counter has declined by 30.4% from RM3.48 on Dec 31, 2020.

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