KUALA LUMPUR (July 15): Integrated construction and property company PTT Synergy Group Bhd (KL:PTT), whose share price has surged 120.49% year to date, has proposed a one-for-one bonus issue, involving the issuance of up to 216.08 million new bonus shares.

The entitlement date will be determined after all relevant approvals for the bonus issue have been obtained, the group said in a bourse filing on Monday.

PTT Synergy said the bonus issue is to reward shareholders and encourage the trading liquidity of its shares on the stock exchange.  

For illustrative purposes, based on the three-month volume-weighted average price of the shares up to June 25 (which was RM1.16), the theoretical ex-bonus share price would be 57.8 sen.

Barring any unforeseen circumstances, PTT Synergy anticipates the proposal to be completed in the third quarter of 2024, with AmInvestment Bank serving as the principal adviser.

PTT Synergy reported a slight increase of 8.36% in its net profit for the third quarter ended March 31, 2024 (3QFY2024) at RM3.53 million compared to RM3.25 million in 3QFY2023. Its quarterly revenue nearly doubled to RM84.12 million during the quarter under review from RM47.88 million in the same quarter a year ago, driven by higher contributions from all its business segments.

PTT Synergy shares closed seven sen or 2.67% higher at RM2.69 on Monday, valuing the group at RM581.26 million.