Berjaya Assets proposes 1-to-2 share split

PETALING JAYA: Berjaya Assets Bhd (BAssets) has proposed to undertake a share split involving the subdivision of every one existing ordinary share in BAssets into two BAssets shares.

“The proposed share split is expected to improve the trading liquidity of BAssets shares on the Main Market of Bursa Securities as a result of the increase in the number of BAssets Shares in issue,” BAssets said in a stock exchange filing yesterday.

The exercise is not expected to have any material effect on the consolidated earnings of BAssets for the financial year ending June 30, 2018. However, there will be a corresponding dilution in BAssets’ consolidated earnings per share as a result of the increase in the number of BAssets shares.

The proposed share split is conditional upon approvals being obtained from Bursa Malaysia Securities as well as BAssets shareholders at an EGM to be convened, but is not conditional upon any other corporate exercise undertaken or to be undertaken by BAssets.

Affin Hwang IB has been appointed principal adviser for the exercise.

“The application to Bursa Securities for the proposed share split is expected to be submitted within one month from the date of this announcement.

“Barring any unforeseen circumstances, and subject to all required approvals being obtained from the relevant authorities and/or parties, the board expects the proposed share split to be completed by end of 2017,” said BAssets.

BAssets closed 0.81% higher at RM1.24 with 805,400 shares traded yesterday.