Top Glove proposes one-for-one bonus issue

PETALING JAYA: Top Glove Corp Bhd has proposed to undertake a bonus issue on the basis of one bonus share for every one existing share held by shareholders, at an entitlement date to be determined later.
The group said in a statement that the exercise will see up to 1.28 billion bonus shares issued to shareholders of the company, whose names appear in the record of depositors of the company on the entitlement date.
“We have always been committed to adding and creating value for our shareholders, and the proposed one-for-one bonus issue will enable us to reward our loyal shareholders,” Top Glove’s executive chairman Tan Sri Dr Lim Wee Chai said.
“This will also enable us to increase the number of shares in issue, which is expected to create more liquidity and marketability for Top Glove shares,” Lim added.
The corporate exercise is subject to shareholder approval during an EGM to be convened later.
The company last embarked on a one-for-one bonus issue exercise in early 2016, when its share price had reached about RM14.
At the noon break, Top Glove gained 4 sen or 0.39% to RM10.24 with 2.3 million shares changing hands.