Xin Hwa gets shareholders’ approval for bonus issue

PETALING JAYA: Xin Hwa Holdings Bhd shareholders approved a proposed bonus issue at its EGM last Friday.
The proposed bonus issue entails the issuance of 36 million bonus shares, on the basis of one bonus share for every five existing Xin Hwa shares held on the entitlement date which will be decided later.
The integrated logistics services provider said in a statement that the proposed bonus issue would enhance the marketability and trading liquidity of its shares, thus enabling shareholders to have greater participation in terms of the number of shares held, while maintaining their percentage of equity interest in the company.
Xin Hwa aims to complete the proposed bonus issue by mid-January 2017.
The company’s share price closed 1.67% higher last Friday at RM1.22 with a total of 180,700 shares traded.