KUALA LUMPUR (March 5): Penang-based automation solution provider Pentamaster Corporation Bhd has proposed a one-for-two bonus issue of up to 237.43 million new shares to be undertaken at a date to be determined later.
Pentamaster said the issue is intended to reward shareholders and enable them to have greater participation in the equity of the group while maintaining their percentage of equity interest.
In addition, the exercise may possibly be able to encourage trading liquidity and marketability of its shares on Bursa Malaysia, the group said in a stock exchange filing today.
Pentamaster said barring any unforeseen circumstances the bonus issue is expected to be completed before the end of June.
Last month, Pentamaster announced that its net profit for the financial year ended Dec 31, 2019 (FY19) jumped 45.4% to RM83.04 million from RM57.12 million in FY18 while revenue rose 16.1% to RM490.11 million from RM422.2 million.
The group recommended a final dividend of 1.5 sen per share.
Pentamaster said it continues to see huge market opportunities for it to deepen its involvement in the optoelectronics field, catering to a wider adoption of smart sensors, as it has gained exposure into technological advancements and will continue to gain deeper traction.
“The group generally possesses an optimistic view of its business momentum in 2020 judging from the current trend and development coupled with its secured orders visibility,” it added.
Shares of Pentamaster closed 8 sen or 1.7% higher today at RM4.92, bringing it a market capitalisation of RM2.33 billion.
http://www.theedgemarkets.com/article/pentamaster-proposes-onefortwo-bonus-issue-1
