KUALA LUMPUR (May 10): Flat steel product manufacturer Astino Bhd has proposed a bonus issue of 219.29 million shares on the basis of four bonus shares for every five shares held.

The exercise will increase the group’s share base to 493.41 million shares from 274.12 million shares, while the share capital will remain unchanged at RM138.27 million, the group said in a filing with Bursa Malaysia.

Astino said the theoretical ex-bonus price of its shares ranged between 51 sen and 93 sen, based on the prices during the three-month period up to May 10, which ranged between 91 sen and RM1.67.

Save for the dilution in earnings per share, the group said the bonus issue is not expected to have any material effect on its earnings for the financial year ending July 31, 2021.

The exercise is expected to be completed by the third quarter of 2021.

Astino’s shares closed down 10 sen or 6.02% at RM1.56, bringing the group a market capitalisation of RM428 million. Some 4.28 million shares were traded.

Over the past one year, the counter has risen by nearly three times from 55 sen.