Mi Technovation plans 1-for-2 bonus issue

PETALING JAYA: Mi Technovation Bhd proposed a bonus issue of up to 250 million shares.

This will be undertaken on the basis of one bonus share for every two existing shares held, according to the group’s filing with Bursa Malaysia.

Mi Technovation said the bonus issue will enable the existing shareholders to have greater participation in the equity of the group in terms of the number of shares held while maintaining their percentage of equity interest.

The group also proposed an employees’ share grant scheme (SGS) of up to 10% of its total number of issued shares.

It said the SGS serves as a long-term incentive plan to reward eligible employees and to align their interest with the group’s corporate goals and objectives.