BHS jumps 10% on share dividend, bonus issue

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BHS jumps 10% on share dividend, bonus issue
By Wei Lynn Tang / TheEdge Markets.com | October 23, 2014 : 12:03 PM MYT

KUALA LUMPUR (Oct 23): BHS Industries Bhd ( Financial Dashboard), which is involved in commercial printing services, rose as much as 10% on its proposed special share dividend and bonus share issue.

At 11am, BHS was traded 16 sen or 5.4% higher at RM3.16. The ninth largest gainer across the bourse had earlier risen as much as 30 sen to RM3.30

For comparison, the FBM KLCI added 9.85 points or 0.6% to 1,806.07. BHS current share price compares with 94.5 sen a year earlier.

Last Tuesday (Oct 21),BHS said the share dividend entailed the distribution of up to 3.4 million treasury shares on the basis of two treasury shares for every 45 existing BSH shares held.

It also plans a one-for-one bonus issue of up to 80 million new BHS shares.

BHS said the share split would see each existing share of 50 sen par value divided into two ordinary shares of 25 sen each.

The share split will be implemented after the completion of the special share dividend and bonus issue.

BHS said the share split was expected to enhance the marketability and trading liquidity of its shares as a result of the increase in the number of shares in issue.