KUALA LUMPUR (Jan 20): Notion VTec Bhd's share price rose as much as 10 sen or 9.52% so far today to RM1.15, the highest in over two years, after the hard-disk drive manufacturer announced on Thursday (Jan 16) its proposed bonus share issue and intention to seek shareholders' approval to buy its own shares.
At Bursa Malaysia's 12:30pm afternoon break today, Notion VTec shares settled at RM1.13 for a market capitalisation of RM377 million. The counter saw 17.49 million shares traded.
Earlier today, Notion VTec shares rose to RM1.15, the stock's highest price since July 26, 2017, Bloomberg data show.
On Thursday, Notion VTec, which also produces camera and automotive components, told Bursa that the company proposed to undertake a bonus issue of up to 188.08 million new shares on the basis of one bonus share for every two existing units held.
"The application to Bursa is expected to be made within two months from the date of this announcement. Barring any unforeseen circumstances, the proposed bonus issue is expected to be completed by the 2nd quarter of 2020," Notion VTec said.
In a separate filing, Notion VTec said it also intends to seek shareholders' approval at the company's 16th annual general meeting to purchase its own shares.
"A statement to shareholders containing details of the above proposal together with the Annual Report 2019 will be despatched to the shareholders in due course," it said.
http://www.theedgemarkets.com/article/notion-vtec-jumps-highest-over-2-years-after-announcing-bonus-issue
