Quick take: Mi Technovation climbs 1% on bonus issue

  • Stock on the Move
  • Wednesday, 09 Oct 2019

KUALA LUMPUR: Mi Technovation Bhd’s shares climbed 1% in early trade after announcing that it has proposed to undertake a bonus issue of up to 250 million new shares.

The semiconductor assembly equipment solutions provider added 0.83%, or two sen to RM2.43. In the past one year, Mi Technovation has fallen some 13.77%.

Mi Technovation has proposed a bonus issue of up to 250 million new shares on the basis of one bonus unit for every two existing shares held.

The company also plans to establish an employees' share grant scheme (SGS) of up to 10% of the group's issued shares.

"(On the bonus issue) the entitlement date will be determined and announced at a later date after all the relevant approvals for the proposed bonus issue have been obtained. The proposed bonus issue will not be implemented on a staggered basis.

"Barring any unforeseen circumstances and subject to all required approvals being obtained, the proposed bonus issue and proposed SGS are expected to be completed and implemented, respectively, in the 4th quarter of 2019," Mi Technovation said.

Mi Technovation said today that as at Sept 30,2019, the issued share capital of the company is RM252.62mil comprising 500 million shares.

Upon completion of the bonus issue, the issued share capital of the company will remain at RM252.62mil while the number of issued shares will increase to up to 750 million units.

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