KUALA LUMPUR: Harn Len Corp Bhd’s shareholders have approved its eight-for-five bonus issue of 399.24 million shares at the extraordinary general meeting (EGM) today.
“The proposed bonus issue of shares serves to reward existing shareholders for their loyalty and continued support to Harn Len group.
“The board had taken into consideration that the proposed bonus issue of shares will enable shareholders to increase the number of Shares held with no cash outlay required, while retaining their percentage of equity interest held,” Harn Len said in a filing with Bursa Malaysia.
It added the increased number of Harn Len shares in issue upon completion of the proposed bonus issue of shares may encourage trading liquidity of its shares on Bursa Securities.
“The resultant lower theoretical ex-bonus Harn Len share prices as compared to the existing Harn Len share prices before the proposed bonus issue of shares may provide an avenue for shareholders to participate in Harn Len shares at a lower price point,” Harn Len said.
The proposed bonus issue is expected to be completed by the fourth quarter of 2022.