KUALA LUMPUR (April 20): SCC Holdings Bhd jumped as much as 19% in the morning session today, following the announcement of its proposed bonus issue and share split yesterday.

At 10.40am, SCC rose 23 sen or 13.53% to RM1.93, with some 462,100 shares traded. Earlier, the counter spiked as much as 33 sen or 19.41% to touch a 10-month high of RM2.03.

The animal health products distributor had yesterday announced a proposed 1-for-10 bonus issue of some 4.28 million new shares, as well as a one-to-three share split exercise after following the bonus issue.

The company said it had proposed the bonus issue and share split exercise to reward its shareholders, improve trading liquidity of its shares and make its shares more affordable to appeal to a wider group of public shareholders.

Based on its closing price of RM1.70 on April 18, the issued share capital of SCC will increase to RM23.53 million, comprising 141.16 million subdivided shares, from RM21.39 million of 42.78 million shares prior to the exercise.

"The application to the relevant authorities in relation to the proposals will be made within one month from the date of this announcement.

"Barring any unforeseen circumstances and subject to all relevant approvals being obtained, the proposals are expected to be completed by the third quarter of 2017," said SCC.

Year to date, SCC has gained 12.21%, outperforming the FBM KLCI's 5.97% gain during the same period.