Suria Cap­i­tal to is­sue bonus shares

The Star Malaysia - StarBiz - - News -

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 here to­day.

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 RM315mil, an in­crease of 45% or RM97mil year-on-year.

This marked a net profit of RM45mil for the pe­riod, the group said, adding that its core busi­ness, the port seg­ment had con­trib­uted sig­nif­i­cantly to the solid per­for­mance. — Ber­nama

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