Quick take: Teo Guan Lee hits limit-up in early trade


KUALA LUMPUR: Shares in Teo Guan Lee Corp Bhd (TGL) rose to its highest in two decades after announcing its proposed bonus issue.

The garment manufacturer and distributor surged 29.45%, or 43 sen to RM1.89, making it one of the top gainers on Bursa Malaysia.

TGL has proposed a bonus issue of 40.74 million new ordinary shares in TGL on the basis of one bonus share for every one existing TGL share.

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, TGL said.

It has also proposed to proposed establish a long term incentive plan of up to 10% of the total number of issued shares of the company (excluding treasury shares, if any) at any point of time during the duration of the scheme for the eligible executive directors andemployees of TGL and its subsidiary companies.

As at April 20, the issued share capital of the company is RM40.74mil comprising 40.74 million TGL shares.

Upon completion of the proposed bonus Issue, the issued share capital of the company will remain at RM40.74mil while the number of issued shares will increase to 81.48 million TGL shares.

For illustrative purposes, based on the 5-day volume weighted average price of TGL shares up to and including the LPD ofRM1.37, the theoretical ex-bonus share price of TGL shares is 68.5 sen.

“The proposed bonus Issue serves to reward its existing shareholders of the company for their loyalty and continued support to TGL Group,” TGL said.

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