KUALA LUMPUR (Nov 14): Signature International Bhd, whose share price closed at a record high of RM2.98 on Monday (Nov 14), has proposed a one-for-one bonus issue.
In a Bursa Malaysia filing, the kitchen cabinet manufacturer said the entitlement date will be determined later.
Signature International said the bonus issue of up to 295.25 million shares would result in the group's share base doubling to up to 590.5 million shares.
Based on the five-day volume-weighted average price (VWAP) of the group's shares up to Nov 11, and the lowest daily VWAP of the shares during the past three months, the theoretical ex-bonus price for the shares is expected to be between RM1.2387 and 72.12 sen.
The group said it expects the bonus issue to be completed by the first half of 2023.
Signature International's share price rose 36 sen or 13.74% to close at RM2.98 on Monday, valuing the group at RM880 million.
Year to date, the counter has risen by 116% or RM1.60, from RM1.38.
Chin Hin Group Bhd founder Datuk Seri Chiau Beng Teik is the largest shareholder of Signature International, with a 32.5% stake.
Chiau, through his private entity Divine Inventions Sdn Bhd, holds a 36.88% indirect stake in Chin Hin. He also directly owns a 17.7% stake in Chin Hin.
Chin Hin's share price climbed to an intraday high of RM3.39 on Monday, before settling at RM3.37, up 22 sen or 6.98%.