Suria Capital to issue bonus shares for shareholders

KOTA KINABALU: Suria Capital Holdings Bhd’s shareholders have given the green light for the company to undertake a bonus issue of 58.27 million new ordinary shares on the basis of one bonus share for every five existing shares.

Chairman Tan Sri Ibrahim Menudin said as such, the company’s ordinary share capital is expected to increase from 288.18 million shares to 349.67 million shares.

“The actual number of the new bonus shares will be based on the number of Suria shares in issue on the entitlement date,” he told a press conference after the company’s extraordinary general meeting at Wisma Sabah Ports, Teluk Sepanggar yesterday.

He said the issuance of the bonus shares enabled Suria’s shareholders to have greater participation in the company’s equity, while maintaining their share of equity interest in it.

It is also expected to improve the trading liquidity of Suria shares and utilise the amount standing to the credit of its share premium account in accordance with Section 618(3) of the Companies Act 2016, following the implementation of the no par value regime. “The board decided the bonus issuance is in the best interest of the company and shareholders and expressing its appreciation to the shareholders for voting in favour of the resolution,” Ibrahim said.

On Nov 12 last year, Suria Group’s unaudited nine-month results saw it recording a turnover income of RM315.0 million, an increase of 45 per cent or RM97 million year-on-year.

This marked a net profit of RM45 million for the period, the group said, adding that its core business, the port segment had contributed significantly to the solid performance.