KUALA LUMPUR, April 9 — Samchem Holdings Bhd has proposed to undertake a bonus issue of 272 million new ordinary shares on the basis of one bonus share for each existing share (1-for-1) at an entitlement date to be determined later.
The chemicals and lubricants distributor firm said the exercise would allow shareholders to have greater equity participation while maintaining their percentage of equity interest.
Upon completion of the proposed bonus issue, the issued share capital of the company will remain at RM137 million, while the number of issued shares of the company will increase to 544 million, it said in a Bursa Malaysia filing today.
Chief executive officer Ng Thin Poh said the company has implemented various business strategies which are expected to contribute positively in 2021 and beyond.
“The next few years will be exciting for Samchem as we work to expand and further strengthen our position as an integrated supply chain distributor.
“The proposed bonus issue will also result in the shares being more affordable,” he said.
Samchem said the application to the relevant authorities in relation to the proposed bonus Issue will be made within a month from today.
At the close today, its share rose one sen to RM1.47. — Bernama
