Hot Stock Minho gains 6.5% on heels of shareholders’ nod for share split
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Hot Stock Minho gains 6.5% on heels of shareholders’ nod for share split
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[size=28]Minho gains 6.5% on heels of shareholders’ nod for share split
By Kamarul Anwar / theedgemarkets.com | July 12, 2016 : 4:16 PM MYTKUALA LUMPUR (July 12): Minho (M) Bhd’s share price rose to an 11-month high today, after shareholders approved the timber trader’s proposed share split and free warrant disbursement proposals. The company is now set to announce the entitlement date for the proposals.
The counter gained as much as 10 sen or 6.54% to RM1.63, before pairing its gains. At 3:25 p.m., the stock was trading at RM1.59, five sen higher than its previous close, with 968,200 shares exchanged.
At that price, Minho was valued at 12.65 times its 12-month historical earnings per share of 12.57 sen.
This morning, Minho shareholders approved the company’s proposal to double its share base by splitting its 109.85 million shares to 219.7 million. Following the one-to-two share split, the company will give one free warrant for each two Minho shares held.
According to its circular, Minho will announce the entitlement date for these exercises in “mid-July”, with the entitlement date aimed to be sometime in early August. The company wants to complete the share split and warrant issuance by the middle of August.
Minho’s net profit for the first quarter ended March 2016 was down 32.48% to RM7.42 million, compared to the previous corresponding period — despite increasing its sales by 5.98% to RM79.73 million. The company said the drop was due to lower contribution from its timber extraction segment, as there was less area logged in the quarter.
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