UWC proposes 1-for-1 bonus issue

UWC Bhd, an integrated engineering supporting services provider, has proposed a bonus issue of up to 550.24 million new UWC shares on the basis of one bonus share for every one existing UWC share held on an entitlement date to be determined later.

Upon completion of the proposal, the enlarged share capital of UWC on a fully diluted basis will amount to 1.1 billion ordinary shares, according to the company.

“The proposed bonus issue is to reward UWC shareholders and allow them to have greater participation in UWC while retaining their respective stake,” the Penang-based company said in a media statement.

“In addition, this will improve the trading liquidity and marketability of UWC shares on the Main Market of Bursa Malaysia.”

To re-cap, UWC’s stellar performance has garnered the group with the title of the best initial public offering (IPO) in 2019, beating 29 others that debuted on Bursa Malaysia in that year.

At today’s market close, UWC was up 36 sen or 4.53% at RM8.30 with 5.72 million shares traded, thus giving the company a market capitalisation of RM4.57 bil. – Dec 3, 2020

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