Sentoria shares remain flat despite rights, bonus issues proposal

PETALING JAYA: Sentoria Group Bhd's share price was flat at 80 sen this morning after announcing that it has proposed to undertake a rights issue that will raise gross proceeds of up to RM52.8 million.
As at 10.10 am, its share price stood at 80 sen with 20,000 shares changing hands. It has a market capitalisation of RM398.4 million.
Sentoria said RM35 million of the proceeds will be used for the group's property development projects, RM16.8 million for general working capital and the remaining RM1 million for defrayment of estimated expenses related to the proposals.
The group also proposed to carry out a bonus issue of up to 52.8 million new Sentoria shares to be credited as fully paid-up on the basis of one bonus share for every 10 existing Sentoria shares.