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PESTECH proposes 2-for-3 bonus issue to reward shareholders

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PESTECH proposes 2-for-3 bonus issue to reward shareholders Empty PESTECH proposes 2-for-3 bonus issue to reward shareholders

Post by Cals Thu 15 May 2014, 00:48

PESTECH proposes 2-for-3 bonus issue to reward shareholders
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Wednesday, 14 May 2014 19:32
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KUALA LUMPUR (May 14): PESTECH International Bhd proposed a bonus issue of 65.65 million ordinary shares of 50 sen each, on the basis of two bonus shares for every three existing shares held in the company.

According to its statement to the exchange, the bonus issue will be financed by capitalising RM32.82 million from the share premium account of the company.

The company said that the proposed bonus issue was to reward existing shareholders of the company, and also to enhance the marketability and trading liquidity of its shares on Bursa Malaysia.

“In view of the increase in the issued and paid-up share capital of PESTECH pursuant to the proposed bonus issue, PESTECH proposes to increase its authorised share capital from RM50 million comprising 100 million PESTECH shares to RM500 million comprising 1 billion PESTECH shares,” said the company.

PESTECH expects the proposed bonus issue to be completed by the third quarter of 2014.

“The entitlement date will be determined and announced at a later date upon receipt of all relevant approvals for the proposed bonus issue.

“The proposed bonus issue is not intended to be implemented in stages over a period of time,” the company said.
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