Pentamaster plans 1-for-2 bonus issue

PETALING JAYA: Pentamaster Corp Bhd is proposing to undertake a bonus issue of up to 237.44 million new shares on the basis of one bonus share for every two Pentamaster shares already held.

Based on this, the enlarged share capital of the group will increase to 712.3 million shares worth RM79.3 million.

In a Bursa filing, the group said the price of Pentamaster shares will be adjusted for the proposed bonus issue. Based on the group’s five-day volume weighted average price of RM4.83 as at Feb 28, the theoretical ex-bonus share price of Pentamaster shares is RM3.22.

“The proposed bonus issue is intended to reward the shareholders of the company for their loyalty and continued support to the group.

“The board is of the view that the proposed bonus issue will enable the existing shareholders to have greater participation in the equity of the company, as well as encourage trading liquidity and marketability of Pentamaster shares,” it said.

The proposal is expected to be completed before the end of June.