Late last Friday, the Sarawak-based company said its board had proposed to issue up to 275,000,000 bonus shares on the basis of one (1) bonus share for every two (2) existing Dayang shares held.
At 12.11 pm, Dayang rose 24 sen or 5% to RM5.59 per share on trades of 810,000 shares.
Late last Friday, the oil and gas service provider told Bursa Malaysia: “The proposed bonus issue aims to reward the existing shareholders for their loyalty and continuing support by enabling them to have a greater participation in the equity of the company in terms of number of shares held.”
In addition, it said the bonus issue is expected to improve the trading liquidity and affordability of Dayang shares on Bursa while increasing the capital base of the company.
But it said there will be a corresponding dilution in the EPS of the group as a result of the increase in the number of shares in issue pursuant to the proposed bonus issue.
Written by Ho Wah Foon of theedgemalaysia.com
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