KUALA LUMPUR: Prestar Resources Bhd
rose over 2.5% in early trade on the back of a proposed three-for-five bonus issue.
The steel products manufacturer rose 2.56%, or three sen to RM1.20, its highest in three weeks with 5.07 million shares done. It has risen some 37% so far this year.
Prestar has proposed to undertake a bonus issue of up to 135.48 million shares on the basis of three bonus shares for five existing shares on an entitlement date to be determined later.
It said the share price adjusted for the proposed bonus issue shall not be less than 50 sen based on the daily volume weighted average (VWAMP) of Prestar shares during the three-month period before the application date.
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